x402 Singularity Layer vs Tether

Tether (USDT) is 1618841.8× the size of x402 Singularity Layer (SGL) by market capitalisation. Over the past 30 days, USDT is ahead by 18.0 percentage points (SGL -18.1% against USDT -0.0%). Their daily returns move barely in opposite directions (correlation -0.12 across 24 shared trading days). SGL has been the more volatile of the two, at 259% annualised against USDT's 1%.

Correlation: -0.12
Size ratio: 1 : 1618841.8
Ahead over 30 days: USDT

x402 Singularity LayerSGL

$0.000110

24h: +2.73%
Market cap: $110,137
Volume 24h: $378
Volatility (ann.): 259%

TetherUSDT

$0.999555

24h: +0.05%
Market cap: $178.29B
Volume 24h: $57.16B
Volatility (ann.): 1%

SGL 0.0%Share of the two combined market caps100.0% USDT

Performance

SGLUSDT

7 days-9.86%+0.03%USDT
30 days-18.07%-0.04%USDT

Correlation

-0.12over 24 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: insufficient data

Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.

Risk & extremes

Metric	SGL	USDT
Max drawdown (400d)	-52.7%	-0.2%
Risk-adjusted return (90d)	-0.09	0.03

Relative strength over 90 days: SGL outperformed USDT by 11.2% — measured on the SGL/USDT ratio, so it holds regardless of market direction.

x402 Singularity Layer →Tether →