Tether vs 
Dai
The largest stablecoin against the largest decentralised one. Tether is issued by a private company, is by far the most liquid dollar in global trading, and has faced years of questions about reserve composition. DAI has no issuer to trust and full on-chain transparency, but far less liquidity and a collateral base that now leans heavily on other stablecoins, which imports their risk.
12 months, both starting at 100 (AUD)
USDT → 94 · DAI → 94| Measure | USDT | DAI |
|---|---|---|
| Market cap | A$260.5B | A$6.5B |
| Rank | #3 | #26 |
| Price | A$1.42 | A$1.42 |
| 90-day change (AUD) | −1.9% | −2.0% |
| 12-month change (AUD) | −6.4% | −6.3% |
| From all-time high | −26.8% | −26.8% |
| Supply model | No fixed maximum | No fixed maximum |
| AU exchanges we verify it on | 3 | check on-platform |
About Tether
Tether (USDT) is the largest stablecoin: a token designed to hold a value of one US dollar, backed by the issuer's reserves. It functions as the working cash of crypto markets — the most-traded quote currency across global exchanges.
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, Tether or Dai?
By market value today: Tether (A$260.5B 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: USDT −6.4%, 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 USDT 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.