DAI
The pioneering decentralised stablecoin, issued by MakerDAO via [[cdp]] vaults backed by ETH, RWA, and other collateral.
DAI is soft-pegged to USD via the Maker Stability Module, with the Peg Stability Module (PSM) allowing 1:1 swaps with USDC, USDP, and GUSD. The collateral mix has shifted heavily toward US T-bill RWA pools (BlockTower, Monetalis) — DAI's risk profile is consequently closer to a fund-of-funds than a pure crypto-collateralised stable. See USDS for Sky's successor token.
See on StableLens
/stablecoins/DAI — live data, risk grade, and methodology citation.
Related terms
- MakerDAOThe DAO that issues [[dai]] and (since the Endgame rebrand) [[usds]] — the longest-running decentralised stablecoin operator.
- USDSSky's post-Endgame stablecoin, 1:1 swappable with [[dai]], with sUSDS as the yield-bearing wrapper.
- CDP (collateralised debt position)A user-opened debt position backed by crypto collateral — the issuance mechanism for DAI, LUSD, GHO, crvUSD.
- PSM (Peg Stability Module)A Maker module allowing 1:1 swaps between DAI and other stables (USDC, USDP, GUSD), keeping DAI tightly pegged.
- RWA (real-world assets)Tokenised off-chain assets — Treasuries, money-market funds, credit pools, real estate — used as on-chain collateral or yield products.