Dai vs 
USDS
The same protocol, before and after its rebrand. DAI is the original crypto-collateralised stablecoin from MakerDAO; USDS is its successor under the renamed Sky protocol, with an upgraded design and a savings rate built in. DAI continues to exist and remains widely integrated, so the practical question is usually which one your platform supports rather than which is safer.
12 months, both starting at 100 (AUD)
DAI → 94 · USDS → 94| Measure | DAI | USDS |
|---|---|---|
| Market cap | A$6.5B | A$13.6B |
| Rank | #26 | #15 |
| 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 | −26.8% | −16.0% |
| Supply model | No fixed maximum | No fixed maximum |
| AU exchanges we verify it on | check on-platform | check on-platform |
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.
About USDS
USDS is the upgraded stablecoin of the Sky protocol (formerly MakerDAO's DAI ecosystem) — a decentralised US-dollar token backed by collateral rather than a company's bank account.
FAQ
Which is bigger, Dai or USDS?
By market value today: USDS (A$13.6B 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: DAI −6.3%, USDS −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 DAI or USDS?
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.