DAI Stablecoin

$4.6B market cap

Issued by Sky Protocol · reviewed 29 October 2026

Market cap: $4.57B +0.32% 7d
30-day trend
Volume / market cap: 4.0%
Peg drift, 30 days: 0.10%

Market data as of 29 October 2026, the same daily snapshot the tracker publishes. Peg drift is the largest single-day distance from par over the last 30 days, for USD-pegged tokens only.

DAI is a crypto-backed stablecoin originally issued by MakerDAO, now under Sky Protocol, maintaining a USD peg.

01

Instrument facts

Symbol	DAI
Peg	USD
Backing	Crypto backed
Status	Active
Launched	2017
Networks	L1 EVM Ethereum, Base, Polygon L2 Arbitrum, Optimism
Specifications	Backing Over-collateralized with crypto assets and tokenized U.S. Treasuries. Redemption DAI holders can upgrade to USDS at a 1:1 ratio. KYC required No
Use cases	DeFi collateral, Trading, Payments

02

Supply by chain

10 chains · $4.8B total

Chain	Supply
Ethereum	$4.2B
Polygon	$444M
Fantom	$35M
BSC	$31M
Arbitrum	$17M
OP Mainnet	$13M
PulseChain	$11M
Avalanche	$9M
Kaia	$8M
Kava	$2M

Chains holding at least $1M of this token, from the daily cross-chain compilation. The total may differ from the market capitalization above, which is a separate measurement.

03

Contract addresses

1 chain

Chain	Address
Ethereum	`0x6b175474e89094c44da98b954eedeac495271d0f`

Addresses as recorded for this token. Verify against the issuer's own published address before sending funds.

Official site · Whitepaper

04

Background

DAI is a stablecoin that was initially launched by MakerDAO and is now managed under Sky Protocol. It maintains a peg to the USD and is backed by a mix of crypto and real-world assets. DAI can be upgraded 1:1 to USDS; DAI remains active.

DAI operates as an over-collateralized stablecoin, allowing users to hold a stable value token backed by various assets.

DAI's reserves include crypto assets and tokenized U.S. Treasuries, ensuring over-collateralization.

05

Recent activity

2023-03-11 Depeg USDC/SVB contagion — DAI (USDC-collateralized) fell to about $0.85 (per S&P) before recovering low $0.85
2020-03-12 Depeg Black Thursday — ETH crash and network congestion caused collateral auction failures and DAI traded above peg
— Our coverage BIS vs Stablecoins: The Fragmentation Debate Is Back — Stablecoin Beat Insight
— Our coverage Aave Bad Debt Crisis: How the Kelp DAO Exploit Hit Stablecoin Liquidity — Stablecoin Beat Insight
— Our coverage Stablecoin Recap Aug 3–10, 2026: USDC gained $0.307 billion in a week of stablecoin market growth. — Stablecoin Beat Weekly
— Our coverage Stablecoin Recap Jun 15–22, 2026: USD1 gained $0.372 billion during a week when the Bank of England eased stablecoin rules. — Stablecoin Beat Weekly
— Our coverage Stablecoin Recap Jun 22–29, 2026: BIS warns stablecoins risk fragmenting global financial system. — Stablecoin Beat Weekly

06

Frequently asked questions

What is DAI Stablecoin?

DAI is a crypto-backed stablecoin originally issued by MakerDAO, now under Sky Protocol, maintaining a USD peg.

How is DAI backed?

Over-collateralized with crypto assets and tokenized U.S. Treasuries.

Which networks carry DAI?

DAI is recorded on 5 networks, including Ethereum, Base, Polygon, Arbitrum, Optimism.

What is the market capitalization of DAI?

DAI has a market capitalization of $4.6B as of 29 October 2026.

Has DAI ever broken its peg?

The most recent recorded depeg for DAI occurred on 11 March 2023, when its price fell to $0.85.

07

Other US dollar stablecoins

Compiled from issuer disclosures, on-chain data and market data. Sky Protocol · Methodology