MakerDao's Dai stablecoin is primarily backed by USDC and Ethereum and is further supported by smart contracts. DAI is the most famous of the decentralized stablecoins that have other crypto assets as their collateral. This is a different approach from, for example, Tether, which is backed by real-world assets such as the U.S. dollar. DAI and other crypto-backed stable do not work like that: Essentially, DAI saves (locks up) other crypto assets - other cryptocurrencies, but also crypto loans or other DeFi protocols - on the blockchain so that it can create new tokens of its own. This is handles through smart contracts, via a pre-determined ratio that only allows new stablecoins to be made when a certain value threshold of backing has been reached. This threshold is always higher than the overall value of stablecoins in circulation. In technical terms, crypto-backed stablecoins have an overcollateralization, serving as a safety buffer should crypto assets suddenly lose their value. Nevertheless, some have criticized DAI for not being truly decentralized as it mainly relies on the centralized, fiat-backed USD Coin (USDC).
Dai's total crypto assets used for on-chain collateralization as of June 27, 2022
(in billion U.S. dollars)
Characteristic
USD Coin (USDC)
Ethereum (ETH)
Pax Dollar (USDP)
Wrapped Bitcoin (WBTC)
Other
Dai issued
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Statista. (June 27, 2022). Dai's total crypto assets used for on-chain collateralization as of June 27, 2022 (in billion U.S. dollars) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1316928/dai-reserves-breakdown/
Statista. "Dai's total crypto assets used for on-chain collateralization as of June 27, 2022 (in billion U.S. dollars)." Chart. June 27, 2022. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1316928/dai-reserves-breakdown/
Statista. (2022). Dai's total crypto assets used for on-chain collateralization as of June 27, 2022 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1316928/dai-reserves-breakdown/
Statista. "Dai's Total Crypto Assets Used for On-chain Collateralization as of June 27, 2022 (in Billion U.S. Dollars)." Statista, Statista Inc., 27 Jun 2022, https://www.statista.com/statistics/1316928/dai-reserves-breakdown/
Statista, Dai's total crypto assets used for on-chain collateralization as of June 27, 2022 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1316928/dai-reserves-breakdown/ (last visited July 22, 2024)
Dai's total crypto assets used for on-chain collateralization as of June 27, 2022 (in billion U.S. dollars) [Graph], Statista, June 27, 2022. [Online]. Available: https://www.statista.com/statistics/1316928/dai-reserves-breakdown/