USDe vs DAI vs USDT vs USDC: Which Stablecoin is the Best

Understanding the stablecoin and digital dollar landscape

Stablecoins and digital dollars are essential to crypto trading, providing a bridge between volatile markets and dollar-denominated value. Yet, not all are designed the same: some simply preserve value, while others may offer opportunities to participate in platform-based reward programs.

Here’s a comparison of four leading ones in 2025:

USDe: Digital dollar backed by crypto and derivatives

USDe, developed by Ethena Labs, maintains its value through a delta-hedging strategy using crypto derivatives like perpetual futures. This structure balances long and short positions to neutralize price risk and keep USDe stable.

• Backing:

  Crypto and derivatives-based hedging

• Issuer:

  Ethena Labs

• Rewards:

  Available via partner platforms such as Flipster

• Use case:

  Active trading, passive holding, and accessing promotional programs

DAI: Overcollateralized and DeFi-native

DAI, issued by MakerDAO, remains one of the most recognized decentralized stablecoins. It’s minted through overcollateralized positions using assets like ETH, stETH, or USDC. DAI also offers optional returns through the DAI Savings Rate (DSR).

• Backing:

  Overcollateralized crypto reserves

• Issuer:

  MakerDAO (decentralized)

• Rewards:

  Eligible on selected DeFi platforms

• Use case:

  DeFi lending and liquidity

USDT and USDC: Fiat-backed and centralized

USDT and USDC dominate stablecoin liquidity, backed by fiat reserves such as cash and U.S. Treasuries.

• Backing:

  Fiat reserves

• Issuer:

  Centralized companies

• Rewards:

  Not native; may be offered by

  partner platforms

  like Flipster

• Use case:

  Trading and settlements

The verdict: Stability meets productivity

Modern traders look for assets that do more than preserve value. USDe offers flexible participation in reward programs, DAI provides moderate DeFi-based returns, and USDT/USDC offer stability with platform-dependent reward options.

By integrating synthetic and fiat-backed stablecoins, Flipster helps traders manage exposure, collateral, and reward opportunities efficiently.