DAI was launched in 2017 by MakerDAO as the first major decentralized stablecoin. Instead of being issued by a centralized company, DAI is created when users lock crypto assets such as Ethereum into MakerDAO vaults. The system uses overcollateralization to keep DAI stable at 1:1 with the U.S. Dollar.
This unique design has made DAI a cornerstone of the DeFi ecosystem, powering lending, borrowing, and decentralized trading.
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DAI was launched in 2017 by MakerDAO as the first major decentralized stablecoin. Instead of being issued by a centralized company, DAI is created when users lock crypto assets such as Ethereum into MakerDAO vaults. The system uses overcollateralization to keep DAI stable at 1:1 with the U.S. Dollar.
This unique design has made DAI a cornerstone of the DeFi ecosystem, powering lending, borrowing, and decentralized trading.
DAI matters because it shows that stablecoins can exist without reliance on banks or central issuers. In places where access to traditional finance is limited or unstable, DAI provides a censorship-resistant and transparent alternative. It also plays a central role in DeFi, where it is used as collateral, liquidity, and a settlement currency.
By combining decentralization with stability, DAI demonstrates the future of trustless digital money.
DAI carries risks different from centralized stablecoins. Collateral volatility can threaten its peg if markets move sharply. Smart contract vulnerabilities also pose risks since the system runs entirely on code. Additionally, governance decisions by MakerDAO can affect how DAI functions, making community trust essential.
Market cap
Over 5 billion USD in 2025
Issuer
MakerDAO (community-governed)
Launch year
2017
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Questions?
Answers.
What is DAI?
DAI is a decentralized stablecoin pegged to the U.S. Dollar and governed by the MakerDAO community.
How does DAI keep its value stable?
DAI uses overcollateralization and liquidation mechanisms to maintain a 1:1 peg with the U.S. Dollar.
Is DAI backed by banks?
No. DAI is backed by crypto collateral such as ETH and stable assets locked in MakerDAO vaults.
Who controls DAI?
DAI is governed by the MakerDAO community, with MKR token holders voting on system parameters.
Can DAI be censored or frozen?
Because DAI is decentralized and runs on smart contracts, it is resistant to censorship and control by single authorities.
Where can I spend DAI?
With Oobit, you can spend DAI anywhere Visa is accepted globally.
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