Dai DAI
MakerDAO / Sky
Dai is the largest decentralized stablecoin, issued by MakerDAO (rebranded to Sky in 2024). Maintains its USD peg through over-collateralization with crypto and tokenized real-world assets.
Sky Protocol (DAO) / Maker Foundation (dissolved)
- Country of origin
- Decentralized (formerly Cayman Islands)
- Jurisdiction
- On-chain DAO governance
- Founded
- Mar 15, 2014
- Structure
- dao
- Rune Christensen Founder · since 2014
Sky (rebranded from MakerDAO in 2024) is a DAO governed by MKR/SKY token holders. The Maker Foundation, the legal entity that bootstrapped the protocol, dissolved in July 2021 with control fully transferred to MKR governance.
Timeline
- Dec 18, 2017SAI launch — single-collateral Dai
Original DAI launches backed solely by ETH.
- Nov 18, 2019Multi-Collateral Dai (MCD)
Migration to multi-collateral system supporting BAT, USDC and others.
- Jul 20, 2021Maker Foundation dissolved
Foundation hands full governance to MKR holders.
- Sep 1, 2022RWA collateral via Monetalis & BlockTower
USD 500M+ of US Treasury bills added as DAI collateral.
- Aug 27, 2024Endgame: Sky rebrand and USDS launch
MakerDAO rebrands to Sky; new USDS stablecoin launches alongside DAI for opt-in migration.
Backing
Mechanism and reserves
Backing
Mixed: over-collateralized crypto (ETH, wstETH, wBTC), USDC (Peg Stability Module), and tokenized RWA exposures (US Treasury portfolios via Monetalis, BlockTower, Steakhouse).
Mint / redeem
Permissionless: anyone can mint DAI by locking collateral in a Vault at the on-chain Maker Protocol. The Peg Stability Module also enables 1:1 USDC↔DAI swaps with near-zero fee.
- On-chain (real-time DAI Stats / makerburn.com) · Real-time View proof →
Reserve composition
- Real-world assets (Treasuries via SPVs) 50.2%
- USDC (PSM) 21.8%
- ETH and LSTs 16.4%
- wBTC and other crypto 7.1%
- DSR savings reserves 4.5%
Networks and deployments
polygon 
arbitrum 
optimism 
base Real-world use
- ›DeFi lending collateral
- ›Stable savings via Dai Savings Rate (DSR)
- ›Censorship-resistant on-chain payments
- ›DeFi liquidity pool denomination
Regulation and compliance
Decentralized issuance complicates EU EMI status; trading restricted on EU venues.
DAO governance doesn't fit federally-regulated issuer framework.
- !MakerDAO's increasing reliance on USDC via PSM has been called a 'centralization vector' by critics — at peaks USDC backed 50%+ of DAI.
- !The Endgame plan and Sky/USDS launch fractured community sentiment; some DAI holders opposed the migration.
Specific risks
- ● Smart-contract risk in Maker Protocol
- ● Concentration in USDC PSM creates indirect Circle dependency
- ● RWA exposures introduce traditional credit risk
- ● Governance attacks on MKR/SKY token
Compare with
Resources
Get it
How Dai fits in
This page is a structured snapshot of Dai as of 2026-05-31. For deeper analysis, see related blog posts on the blog index.