Stablecoin · Full profile
Dai DAI
A dollar stablecoin backed by crypto collateral, governed by a protocol.
Real market price · as of 16:46 GST
Dai is crypto-collateralised and over-collateralised: its peg is maintained by algorithmic rules and market incentives rather than a company's dollar reserves. Because some of its backing is itself made up of centralised stablecoins, its independence from the traditional system is partial, not total.
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What it is
Dai (DAI) is a stablecoin designed to hold a value of about one US dollar, but unlike USDT or USDC it is not issued by a company holding dollars in a bank. It is created by a decentralised protocol (MakerDAO / Sky).
How it works
Dai is minted when users lock up other crypto assets as collateral worth more than the Dai they create — an over-collateralised design. Automated rules and community governance adjust the system to keep Dai near a dollar. In practice its reserves also include some centralised stablecoins and real-world assets.
Why it matters
Dai is a cornerstone of decentralised finance and a widely used example of a stablecoin that aims to stay dollar-pegged without a single company holding the reserves.
Official website → external · the project's own site
Honest risk note
Dai's stability depends on the value of its volatile collateral and on the soundness of its governing protocol; sharp market crashes stress the system. Note it is not the failed "algorithmic" type of stablecoin that collapsed in 2022 — Dai is over-collateralised — but it still carries smart-contract and collateral risk.
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Data provided by CoinGecko, served from our own cache · snapshot as of 16:46 GST. Reference market price only — not an offer to transact and not financial advice. Position, never prediction. See our Methodology and Editorial Policy.