DAI is a crypto-backed US dollar stablecoin issued by Sky (formerly MakerDAO). It has about $4.76B in circulation, ranking #5 among the stablecoins CoinScoop tracks, and runs on 23 blockchains.
DAI price
$0.9999
On peg Circulating supply
$4.76B
30-day change
-0.7%
Price
$0.9999
Blockchains
23
Tracked since
Nov 2019
What is DAI?
DAI is a crypto-backed US dollar stablecoin issued by Sky (formerly MakerDAO). It has about $4.76B in circulation, ranking #5 among the stablecoins CoinScoop tracks, and runs on 23 blockchains.
DAI is one of the oldest decentralised stablecoins. Holders can earn the DAI Savings Rate; DAI converts 1:1 to its successor, USDS.
In the issuer's words: The Dai stablecoin is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Dai is held in cryptocurrency wallets or within platforms, and is supported on Ethereum and other popular blockchains.
DAI supply history
$5.31B$4.07B
Oct 8, 2025Oct 8, 2026
$10.10B$0
Nov 19, 2019Oct 8, 2026
DAI supply fell 0.7% over the past 30 days, to $4.76B. Its peak was $9.95B in February 2022, and supply is 52% below that high.
Is DAI holding its peg?
Last price
$0.9999
Target
1.0000 USD
Status
On pegDAI is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where DAI lives: supply by blockchain
Supply is concentrated: Ethereum holds 89% of all DAI. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How DAI is backed
DAI is backed by over-collateralised crypto assets and real-world assets.
Minting and redemption: Users mint Dai by depositing accepted collateral assets into Maker Vaults within the Maker Protocol. When the loan is repaid to retrieve the collateral, the paid back Dai is burned.
DAI risks
Collateral and liquidations
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Smart contracts and oracles
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
DAI vs USDT and USDC
Similar crypto-backed stablecoins
See all →
DAI in the news
USDT vs USDC: Differences, Reserves and Which to Use
IEX publishes crypto trust options rules
Compound V4 fight widens over $8 million reserve transfer
DAI guides
- Stablecoin Yield: Live Rates and Where the Interest Comes FromLive APYs for the biggest stablecoin savings and lending products, where each rate comes from, and the risks behind yields above the Treasury-bill rate.
DAI FAQ
What is DAI?
DAI is a crypto-backed US dollar stablecoin issued by Sky (formerly MakerDAO). It has about $4.76B in circulation, ranking #5 among the stablecoins CoinScoop tracks, and runs on 23 blockchains.
Is DAI pegged 1:1 to the US dollar?
DAI targets 1 USD. At the last update it traded at $0.9999, a deviation of -0.01%, which we classify as "on peg".
What backs DAI?
DAI is a crypto-backed stablecoin. Over-collateralised crypto assets and real-world assets.
Which blockchains is DAI on?
DAI is live on 23 blockchains. The largest by supply are Ethereum ($4.23B), Polygon ($450M), BSC ($31.1M).
How much DAI is in circulation?
About $4.76B of DAI was in circulation at the last update, -0.7% over 30 days. That makes it the #5 stablecoin by supply among those we track.
Does DAI pay interest?
Not on its own. Plain DAI does not earn yield, but holders can deposit it into sDAI (DAI Savings Rate) to earn a variable rate set by the protocol. DAI is one of the oldest decentralised stablecoins. Holders can earn the DAI Savings Rate; DAI converts 1:1 to its successor, USDS.
Is DAI safe?
No stablecoin is risk-free. As a crypto-backed design, DAI's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.