Bubble
Dai DAI
Dai (DAI) was trading at $0.9997, ranked #18 by market cap at $4.63B, with 24h volume of $90.00M.
Data snapshot: 2026-07-22 18:00 UTC.
Dai is a decentralized, crypto-collateralized stablecoin originally issued by MakerDAO, aiming to hold a $1 peg through overcollateralized vaults of ETH and other crypto assets rather than cash reserves. It predates MakerDAO's 2024 rebrand to Sky Protocol, and continues to trade alongside the newer USDS token, to which it's convertible 1:1. DAI is generated by locking collateral in smart contracts rather than by a company holding dollars in a bank, which makes it structurally different from USDT and USDC: there is no issuer to freeze an address, but there is liquidation risk if collateral falls too fast. Over time the collateral mix has come to include a substantial share of centralised stablecoins and real-world assets, which reduced volatility risk while reintroducing exactly the counterparty exposure the design set out to avoid. That tension is the whole story of DAI, and it is worth understanding before treating it as a fully decentralised dollar.
How is DAI created?
Users lock collateral in smart contracts and mint DAI against it. It is destroyed when the debt is repaid. No company issues it against bank deposits.
Is DAI fully decentralised?
Less than it once was. Its collateral has come to include significant amounts of centralised stablecoins and real-world assets, which brings back counterparty risk.
What happens if collateral falls in value?
Positions that fall below their required ratio are liquidated automatically to keep the system solvent. That is the main risk for people minting DAI.
Why does DAI matter on a market map?
It shows how much dollar liquidity exists in a form that is not issued by a single company, which is a different measure from USDT or USDC supply.
Market cap decides how big a bubble is drawn, so rank is what places DAI on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #13 | USDS (USDS) | $9.91B |
| #14 | Binance Bridged USDT (BNB Smart Chain) (BSC-USD) | $9.17B |
| #18 | Dai (DAI) | $4.63B |
| #21 | World Liberty Financial USD (USD1) | $4.18B |
| #22 | Ethena USDe (USDE) | $4.05B |