MakerDAO

The Dai stablecoin is a decentralized, unbiased, collateral-backed cryptocurrency whose value is soft-pegged to the US Dollar.

Dai $1 USD equivalent is maintained through automatic pricing mechanisms built into smart contracts. When Dai is worth more than $1, the smart contract pricing mechanism works to decrease the price. Conversely, when Dai is worth less than $1, the smart contract pricing mechanism works to increase the price.

Balance of Dai in circulation on 2022-05-27 is $6.58B

Dai is held in digital wallets and supported on Ethereum and other popular blockchains.

Users generate Dai by depositing collateral assets into Maker Vaults within the Maker Protocol. Depositing collateral into Maker Vaults enables Dai to be minted and entered into circulation.

Every Dai in circulation is directly backed by excess collateral, meaning that the value of the collateral is higher than the value of the Dai debt, and all Dai transactions are publicly viewable on the Ethereum blockchain. The collateral portfolio, a pool of on-chain digital assets that back the Dai supply, can be tracked here. 70% of the portfolio is backed by USDC and ETH.