Dai

DAI is a decentralised US dollar stablecoin created by the Sky protocol, formerly MakerDAO.

Dai (DAI) is a stablecoin that aims to stay worth one US dollar without a company holding a dollar for each token. It is issued by the Sky protocol, formerly MakerDAO, which rebranded in August 2024. The current DAI token, known as Multi-Collateral Dai, launched on Ethereum on 18 November 2019; an earlier version backed only by ether, now called Sai, dated from 2017.

New DAI is created when someone locks collateral in a vault and borrows against it, or swaps another stablecoin such as USDC into the protocol's Peg Stability Module. Borrowers pay a stability fee, which works like interest on the loan and accrues to the protocol. The protocol also holds real-world assets and deploys capital into lending, credit and fixed-income strategies through affiliated Sky Agents such as Spark and Grove.

Holders can deposit DAI into the Dai Savings Rate contract to earn a return that governance sets and pays out of protocol income. Sky now promotes USDS, into which DAI converts at 1:1 in both directions with no fee; Binance had converted its users' DAI balances to USDS by mid-2026. The DAI contract itself cannot be upgraded and has no function to freeze holders' balances, whereas USDS is an upgradeable contract.

About 4.6 billion DAI were in circulation on 27 September 2026, making it the 29th-largest crypto asset by market value on CoinGecko. The Sky protocol reported $107 million of gross revenue for the second quarter of 2026 and $12.3 billion of collateral behind DAI and USDS combined.