[{"data":1,"prerenderedAt":346},["ShallowReactive",2],{"api/learn-center-post-en-what-is-the-dai-stablecoin":3,"footer-en":57,"learn/cryptocurrency-guide/what-is-the-dai-stablecoin-en-seo":255,"navigation-en-learn-center":260,"api/learn-categories-en":307},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":39,"title":5,"formattedPublishedAt":50,"geofencings":51,"category":52,"pagination":54,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is the DAI stablecoin?","What is DAI?  - Bitstamp Learn Center","What is the DAI stablecoin? How does DAI work? Read our guide to the DAI stablecoin and start trading DAI on Bitstamp by Robinhood – the original crypto exchange.",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_is_DA_Isvg_6c748c515d_b6ac0790c9.svg","image/svg+xml",".svg",192,108,"What_is_DA_Isvg_6c748c515d.svg","",[],[20,23,26],{"pathname":21,"locale":22},"/en-gb/learn/cryptocurrency-guide/what-is-the-dai-stablecoin/","en-GB",{"pathname":24,"locale":25},"/es/learn/cryptocurrency-guide/what-is-the-dai-stablecoin/","es",{"pathname":27,"locale":28},"/learn/cryptocurrency-guide/what-is-the-dai-stablecoin/","en",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/cryptocurrency-guide/","Cryptocurrency guide",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-the-dai-stablecoin",false,"\u003Cp>DAI is a stablecoin that uses cryptocurrency collateral locked in the Maker Protocol \u003Ca href=\"/learn/crypto-101/what-are-smart-contracts/\">smart contracts\u003C/a> to maintain its peg to the US dollar.\u003C/p>\n",{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},[40],{"component":41,"props":42,"content":43,"secondaryContent":47,"ctas":48,"secondaryCtas":49,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":44,"width":45,"align":46},"\u003Cp>\u003Cem>Stablecoins\u003C/em> are tokens that maintain a value approximately equal, or “pegged,” to another asset. Different types of stablecoins exist, including fiat-collateralized (like Tether’s USDT), commodity-collateralized (like Paxos’ PAXG) and algorithmic (like Ampleforth’s AMPL) stablecoins.\u003C/p>\n\u003Cp>DAI is considered to be a fourth type of stablecoin, called a crypto-collateralized stablecoin.\u003C/p>\n\u003Cp>Each token is backed by cryptocurrency and is overcollateralized by crypto deposits through Maker Protocol’s smart contracts, called Maker Vaults. This means that every token requires a token holder to lock cryptocurrencies worth \u003Cem>more than\u003C/em> the amount they mint in a Vault to ensure the stability of its $1 peg, even with fluctuations in the crypto market.\u003C/p>\n\u003Cp>The open-source Maker Protocol software is built on \u003Ca href=\"/learn/cryptocurrency-guide/what-is-ethereum-eth/\">Ethereum\u003C/a>, and its stablecoin can use a variety of ERC-20 tokens as collateral, including Ether (ETH), Basic Attention Token (BAT), wrapped Bitcoin (wBTC), Compound (COMP), and more.\u003C/p>\n\u003Cp>To read more about the different types of stablecoins, see our “\u003Ca href=\"/learn/crypto-101/what-are-stablecoins/\">What are stablecoins\u003C/a>” guide, found in \u003Ca href=\"/learn/\">Bitstamp by Robinhood’s Learn Center\u003C/a>.\u003C/p>\n\u003Cp>DAI ESSENTIALS\u003C/p>\n\u003Cul>\n\u003Cli>DAI is a crypto-backed stablecoin that is pegged 1:1 to the US dollar.\u003C/li>\n\u003Cli>All tokens are generated by loans that require excess collateral of Ethereum-based assets to absorb market volatility.\u003C/li>\n\u003Cli>Maker Protocol, overseen by the MakerDAO community, is responsible for assuring DAI’s stability, relying on arbitrageurs and controlling supply and demand of the token to maintain its peg.\u003C/li>\n\u003C/ul>\n\u003Ch2>How was DAI developed?\u003C/h2>\n\u003Cp>The Maker Foundation, the company who coordinates development of the Maker Protocol, was co-founded in 2014 by Rune Christensen and Wouter Kampmann.\u003C/p>\n\u003Cp>The formal whitepaper describing the stablecoin was written and published in 2017. The single-collateral token (backed only by ETH) was released in 2017, with multi-collateral functionality introduced in 2019. This means that anyone wishing to borrow the stablecoin can do so with any \u003Ca href=\"/learn/crypto-101/what-is-erc20/\">ERC-20\u003C/a> cryptocurrency.\u003C/p>\n\u003Cp>In July 2021, the Maker Foundation gave up control of the software to MakerDAO, a \u003Ca href=\"/learn/crypto-101/what-are-decentralized-autonomous-organizations-dao/\">decentralized autonomous organization (DAO)\u003C/a>, providing the protocol with a fully decentralized governance model.\u003C/p>\n\u003Cp>The DAI Foundation is a Denmark-based non-profit organization whose role is to maintain the components of Maker that cannot be decentralized such as legal copyrights.\u003C/p>\n\u003Ch2>How does the DAI stablecoin work?\u003C/h2>\n\u003Ch3>Collateralization\u003C/h3>\n\u003Cp>Unlike other stablecoin systems that require a centralized company to issue tokens and assure the backing of its tokens, Maker’s lending platform to mint DAI allows for decentralized, community participation.\u003C/p>\n\u003Cp>In order to generate new tokens, a user deposits their cryptocurrency (like ETH) into a Maker Vault. Their tokens are locked in the Vault’s smart contract as collateral against which they can withdraw—or more accurately, \u003Cem>borrow\u003C/em>—DAI. The user’s deposits are referred to as a Collateralized Debt Position (CDP), and they must pay a small stability fee for using the service.\u003C/p>\n\u003Cp>Maker uses oracles to determine the dollar-based value of the deposited cryptocurrency, and users generate a specified amount of tokens based on that value. This collateralization is never 1:1 because of the volatility of the cryptocurrency market. Therefore, Maker requires overcollateralization of each CDP in which users must deposit more value than they are taking out. If the dollar value of a user’s cryptocurrency decreases, then they must return the tokens they have borrowed, deposit more value into the Vault, or risk being liquidated.\u003C/p>\n\u003Ch3>Maintaining the peg\u003C/h3>\n\u003Cp>Maker’s smart contracts employ a number of mechanisms to stabilize the cryptocurrency’s value around its peg to the US dollar. One of these is a reliance on \u003Cstrong>Keepers\u003C/strong>, which are third-party participants (usually automated) that buy DAI when it is below its $1 target and sell it when it is above its $1 target. This process of arbitrage keeps a constant pressure on the price of the stablecoin to remain in a tight band.\u003C/p>\n\u003Cp>There are also four types of auctions that Maker uses to stabilize the stablecoin’s market price:\u003C/p>\n\u003Cul>\n\u003Cli>\u003Cstrong>Collateral auctions –\u003C/strong> The protocol offers assets from liquidated accounts for sale to the broader users of the platform, minus a penalty.\u003C/li>\n\u003Cli>\u003Cstrong>Reverse collateral auctions –\u003C/strong> When more tokens are bid on in collateral auctions than is needed to cover the debts of a liquidated Vault owner, some is returned to the original owner.\u003C/li>\n\u003Cli>\u003Cstrong>Debt auctions –\u003C/strong> If there are not enough buyers in a collateral auction, the protocol sells newly-minted MKR (Maker’s cryptocurrency) to platform users\u003C/li>\n\u003Cli>\u003Cstrong>Surplus auctions –\u003C/strong> When the stability fees collected by the system reaches a certain limit, the extra token are sold to users in exchange for MKR which is then burned.\u003C/li>\n\u003C/ul>\n\u003Cp>More information about how the Maker Protocol enables the generation and maintenance of the stablecoin can be found in our \"\u003Ca href=\"/learn/cryptocurrency-guide/what-is-makerdao-mkr/\">What is Maker? (MKR)\u003C/a>\" guide.\u003C/p>\n\u003Ch3>DAI as money\u003C/h3>\n\u003Cp>The purpose of the stablecoin is to operate similarly to traditional money, but in the cryptocurrency space. Its peg seeks to accomplish digital equivalency with the US dollar for use in trading pairs on \u003Ca href=\"/learn/crypto-trading/how-does-a-crypto-exchange-work/\">crypto exchanges\u003C/a> like Bitstamp by Robinhood, on decentralized exchanges like SushiSwap, and in DeFi protocols.\u003C/p>\n\u003Cp>DAI is also used as a medium of exchange thanks to its increased stability as a stablecoin and its ability to be transferred 24/7 quickly, and efficiently.\u003C/p>\n\u003Ch2>How is the DAI token used?\u003C/h2>\n\u003Cp>Like other stablecoins pegged to the US dollar, DAI is used primarily as a representation of a constant-value, easily exchangeable asset in digital transactions.\u003C/p>\n\u003Cp>Crypto users who don’t wish to buy/sell other tokens with USD on exchanges instead may opt to swap the stablecoin for other crypto due to the ease of use.\u003C/p>\n\u003Cp>The stablecoin can similarly be used as collateral for loans on decentralized lending protocols like \u003Ca href=\"/learn/cryptocurrency-guide/what-is-aave/\">Aave\u003C/a> or deposited in liquidity pools in protocols like Balancer. Within Maker’s ecosystem, the token is also used to repay loans, pay the stability fee, and take part in debt auctions.\u003C/p>\n\u003Cp>The supply of DAI fluctuates over time according to the demand for stablecoins in the broader cryptocurrency market. In February 2022, nearly $10 billion tokens were in circulation, making it the fifth most used stablecoin.\u003C/p>\n\u003Ch2>How to buy DAI\u003C/h2>\n\u003Cp>You can buy the DAI coin on Bitstamp by Robinhood. Sign up for a Bitstamp by Robinhood account and start trading the stablecoin today!\u003C/p>\n\u003Cp>\u003Ca href=\"/markets/dai/usd/\">Buy DAI stablecoin with Dollar USD\u003C/a>\u003C/p>\n\u003Cp>Disclosure: Bitstamp by Robinhood is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.\u003C/p>\n","full","left",{"text":17},[],[],"August 17th, 2022",{},{"title":32,"url":31,"geofencings":53},{"geofencing-uk":33},{"previous":55,"next":56},"/learn/cryptocurrency-guide/what-is-the-bittensor-network-tao/","/learn/cryptocurrency-guide/what-is-the-ethereum-merge/",{"ready":33,"sections":58,"disclaimer":253,"copyright":254},[59,102,130,153,190,209],{"title":60,"content":17,"items":61},"About",[62,67,72,77,82,87,92,97],{"noFollow":33,"isExternal":36,"name":63,"value":64,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":65,"geofencings":66},"Who We 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Kingdom",{},{},{"title":210,"content":17,"items":211},"Contact",[212,217,221,225,229,233,238,243,248],{"noFollow":36,"isExternal":36,"name":213,"value":214,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":215,"geofencings":216},"Customer support","/customer-support/",{},{},{"noFollow":36,"isExternal":36,"name":218,"value":218,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":219,"geofencings":220},"info@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":222,"value":222,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":223,"geofencings":224},"press@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":226,"value":226,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":227,"geofencings":228},"support@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":230,"value":230,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":231,"geofencings":232},"complaints@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":234,"value":235,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":236,"geofencings":237},"+44 20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":239,"value":240,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":241,"geofencings":242},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":244,"value":245,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":246,"geofencings":247},"+352 20 88 10 96","+35220881096",{},{},{"noFollow":36,"isExternal":36,"name":249,"value":250,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":251,"geofencings":252},"+65 3105 1676","+6531051676",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"description":7,"ogDescription":7,"ogImage":256,"twitterImage":256,"twitterSite":257,"twitterCreator":257,"twitterCard":258,"twitterTitle":6,"twitterDescription":7,"titleTemplate":259},"https://assets.bitstamp.net/msc/_ipx/enlarge_true&f_png&fit_cover&q_85&s_1200x630/bitstampImageUrl/What_is_DA_Isvg_6c748c515d_b6ac0790c9.png","@Bitstamp","summary_large_image","%s",{"items":261,"ready":33,"platformButtonText":303,"backButtonText":304,"logInButtonText":305,"signUpButtonText":306},[262,266,269,272,275,278,281,286,289,294,299],{"headerName":263,"sidemenuName":134,"url":135,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":264,"submenu":265,"tag":17},"Institutions",{},[],{"headerName":126,"sidemenuName":126,"url":127,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":267,"submenu":268,"tag":17},{},[],{"headerName":149,"sidemenuName":149,"url":150,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":270,"submenu":271,"tag":17},{},[],{"headerName":106,"sidemenuName":106,"url":107,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":273,"submenu":274,"tag":17},{},[],{"headerName":116,"sidemenuName":116,"url":117,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":276,"submenu":277,"tag":17},{},[],{"headerName":121,"sidemenuName":121,"url":122,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":279,"submenu":280,"tag":17},{"geofencing-uk":33},[],{"headerName":282,"sidemenuName":282,"url":283,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":284,"submenu":285,"tag":17},"Markets","/markets/",{},[],{"headerName":111,"sidemenuName":111,"url":112,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":287,"submenu":288,"tag":17},{},[],{"headerName":290,"sidemenuName":290,"url":291,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":292,"submenu":293,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":295,"sidemenuName":295,"url":296,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":297,"submenu":298,"tag":17},"Learn","/learn/",{},[],{"headerName":300,"sidemenuName":300,"url":107,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":301,"submenu":302,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[308,312,316,320,324,328,330,334,338,342],{"title":309,"url":310,"geofencings":311},"Blockchain technology","/learn/blockchain/",{},{"title":313,"url":314,"geofencings":315},"Company profiles","/learn/company-profiles/",{},{"title":317,"url":318,"geofencings":319},"Crypto 101","/learn/crypto-101/",{},{"title":321,"url":322,"geofencings":323},"Crypto definitions","/learn/crypto-definitions/",{},{"title":325,"url":326,"geofencings":327},"Crypto trading","/learn/crypto-trading/",{},{"title":32,"url":31,"geofencings":329},{"geofencing-uk":33},{"title":331,"url":332,"geofencings":333},"People profiles","/learn/people-profiles/",{},{"title":335,"url":336,"geofencings":337},"Security","/learn/security/",{},{"title":339,"url":340,"geofencings":341},"Tutorials","/learn/bitstamp-tutorials/",{},{"title":343,"url":344,"geofencings":345},"Web3","/learn/web3/",{},1772794100510]