DAI (DAI) Review
The original decentralized stablecoin from Sky (formerly MakerDAO), in active migration to USDS
Affiliate link · doesn't affect score · independent methodology
At a glance
DAI is the original decentralized stablecoin, launched in 2017 by MakerDAO and now governed by Sky Ecosystem. Unlike USDC or USDT, DAI is not backed by fiat in a bank account: it is over-collateralized by a mix of crypto (ETH, wstETH), USDC reserves through the Peg Stability Module, and tokenized US Treasuries. As of May 2026 it is mid-migration to its Sky-branded successor USDS, with Binance, Coinbase, and Crypto.com forcibly converting user balances 1:1 throughout April and May 2026. DAI was delisted from major EEA CASPs on March 31, 2025 as a MiCA non-compliant stablecoin.
DeFi users on Ethereum mainnet who need a decentralized stablecoin (Aave, Curve, Compound, Spark). Long-term DAI holders earning the DSR via Spark (6-8% in 2026). Users wanting exposure to a non-USDC, non-USDT stable backed by transparent on-chain collateral.
You're an Italian or EEA retail user looking for a centralized exchange purchase — no MiCA-authorized CASP lists DAI. You want a stablecoin that qualifies for the Italian EUR-stablecoin 26% tax carve-out (DAI is taxed at the standard 33% rate). You want the freshest Sky product — the protocol's active development focus is USDS, not DAI.
Quick stats
- Ticker
- DAI
- Issuer
- Sky Ecosystem (formerly MakerDAO)
- Peg
- USD
- Backing
- crypto collateralized
- Market cap
- $4.4B
- Chains
- 6
- Attestation
- none
- Fiat redeem
- No
Skrumble scoring breakdown
Read our full scoring methodology.
Auditors / attestors
- · On-chain real-time collateral dashboards
- · PeckShield + Trail of Bits + ChainSecurity (smart contract)