USDC vs 
Dai
Two dollars built on opposite trust models. USDC is a claim on a regulated US company: Circle holds cash and short-term Treasuries, publishes attestations, and can freeze tokens when law enforcement asks. DAI is generated by an on-chain protocol against crypto collateral, with no company to subpoena but a design that depends on liquidations working during a crash. One asks you to trust an issuer, the other to trust code and collateral ratios.
12 months, both starting at 100 (AUD)
USDC → 94 · DAI → 94| Measure | USDC | DAI |
|---|---|---|
| Market cap | A$106.8B | A$6.5B |
| Rank | #6 | #26 |
| Price | A$1.42 | A$1.42 |
| 90-day change (AUD) | −2.0% | −2.0% |
| 12-month change (AUD) | −6.3% | −6.3% |
| From all-time high | −17.9% | −26.8% |
| Supply model | No fixed maximum | No fixed maximum |
| AU exchanges we verify it on | 3 | check on-platform |
About USDC
USD Coin (USDC) is a regulated US-dollar stablecoin issued by Circle, backed by cash and short-term US government securities with published reserve attestations. It's widely used for trading, payments and as the "safer pair of hands" among dollar tokens.
About Dai
DAI is a decentralised stablecoin that targets US$1, issued by the Sky (formerly MakerDAO) protocol against crypto collateral rather than a company's bank account. It's the longest-running experiment in algorithmically-governed, collateral-backed stable money.
FAQ
Which is bigger, USDC or Dai?
By market value today: USDC (A$106.8B vs A$6.5B). Size measures money invested, not quality — but it does measure liquidity, which affects how easily you can buy and sell.
Which performed better this year?
Over the past 12 months in AUD terms: USDC −6.3%, DAI −6.3% — the chart above shows the whole path, which matters more than the endpoints. Past performance is no indicator of future results, in either direction.
Can I buy both in Australia?
Availability differs — check the where-to-buy section on each coin's page. Compare costs first on the fee calculator, and remember every crypto-to-crypto swap between them is a CGT event.
Should I hold USDC or DAI?
That's a personal decision we don't make for you — this page exists to make the structural differences clear so the choice is yours. What we'd say to anyone: understand what job each coin is designed for, size positions like the risk is real, and check the honest failure statistics before going further down the market-cap list.
Data from our market records (powered by CoinGecko), refreshed with the daily rebuild. General information only, not financial advice — we compare structure and history, we don't pick winners.