Dai
Live Dai market cap, peg deviation, mechanism, and per-chain supply distribution on Sharpe Terminal.
DAI launched in 2017 as the original decentralized stablecoin. Anyone can mint DAI by locking collateral in a Maker vault (currently 150-170% over-collateralization for ETH). Maker has progressively added real-world assets — primarily tokenized US Treasuries — to back roughly half of DAI's supply, blurring the line between purely-decentralized and centralized stablecoins.
Dai is currently deployed on 32 chains with the largest balance on Ethereum (77.7% of supply). Mechanism: Crypto-backed. Live circulating supply is $4.65B, with a 24h change of -0.16% and 30d change of 1.50%.
DAI's peg has held resiliently since 2020. Major risks today are RWA-issuer credit risk (~$1B+ in US Treasury exposure), governance-attack risk on the MKR/SKY token, and dependency on USDC/USDP collateral in PSM modules. The Sky rebrand introduces a new USDS token; DAI continues to operate alongside.