Dai (DAI)

A dollar coin no company issues. Smart contracts create it when people swap in USDC or lock up collateral, and SKY token holders govern it. It swaps one for one with Sky’s newer dollar, USDS.

Issuer

Sky Protocol (no issuer)

Launched

Nov 2019

Supply

≈ $4.5B

Route

Decentralized

How it is issued

Decentralized and overcollateralized (formerly MakerDAO)

License

None. Sky Protocol runs on onchain governance; no company is the legal issuer

Reserves

Shared with USDS: about 39% USDC in a swap module, 34% loans through Spark, 17% tokenized assets, the rest crypto vaults and other (Sep 29, 2026); about 118% collateralized

Reports

Onchain dashboards and monthly reports; no accounting firm attestation

Networks

Ethereum holds almost 90%; also Polygon and others

Yield

Yes, through the Dai Savings Rate (about 1.25%); USDS earns the higher Sky Savings Rate

Access

Anyone onchain, with no KYC; also exchanges and DeFi pools

GENIUS Act

No issuer, so no permitted issuer status. Commentators see it as likely outside the payment stablecoin definition, since nobody is obligated to redeem it.

Check the supply yourself

• CoinMarketCap
• DefiLlama
• Sky dashboard

More stablecoins

XO ctUSD USDT USDC USDe USD1 USDG PYUSD RLUSD USDD U TUSD EURC SoFiUSD USDai CASH

Public information as of October 2026, simplified. Not legal or investment advice. Open the full stablecoins world.