🥇
Kra
Kraken
US and EU users who prioritise a spotless security record — no major hack since 2011 — and want a serious pro-grade trading terminal.
9.1
Score
★ Live priceRank · #22StablecoinsUSD · spot
Dai
DAI
$1.00
24h
−0.01%
7d
+0.02%
30d
+0.02%
1y
+0.07%
24h low24h high
$0.999892
$1.00
Market cap
$4.64B
Rank #22
24-hour volume
$115.89M
spot and derivatives
Circulating
4.64B
100.0% of max
All-time high
$1.22
−17.95% from ATH
Price action
12-month historyDai price chart
Range$0.999414 → $1.00−0.00%
$1.00$0.999919$0.999751$0.999582$0.999414
April 28, 2026July 24, 2026
Snapshot
Key numbers
Rank
#22
Market cap
$4.64B
24h volume
$115.89M
FDV
$4.64B
Circulating
4.64B
Max supply
4.64B
Calculator
Dai converter
Convert between DAI and US dollars at the live rate.
★ Live rate1 DAI = $1.00
DAI
$USD
Records
Dai all-time history
▲ All-time highMarch 12, 2020
$1.22
−17.95% from current
▼ All-time lowMarch 11, 2023
$0.88196
+13.38% from current
Where to buy
Full ranking Top exchanges for Dai
Independent editorial ranking. Score is 0–10 across six criteria: Security, Fees, UX, Features, Support, Reputation.
- 🥈CoiCoinbase Exchange
Institutions and funds requiring an SEC-registered venue with segregated qualified custody and audited on-chain reserves.
9.0Score - 🥉BinBinance
Active spot traders chasing the deepest global liquidity and the widest listing catalogue outside the US perimeter.
8.8Score - #4OKXOKX
Traders who mix spot and on-chain — the Web3 wallet, DEX aggregator and Ethereum L2 X Layer sit inside the same account as CEX pairs.
8.4Score - #5BitBitstamp
Long-horizon EU holders who want the oldest continuously-operating exchange (2011) with conservative listings and full MiCA licensing.
8.4Score - #6BybBybit
Derivatives-first traders who want tighter perp funding and a maker-friendly fee schedule; accept offshore regulatory footprint.
8.0Score
Adjacent
More Stablecoins
Top coins in the same category, ordered by market cap.
Briefing
About Dai (DAI)
What is DAI?
DAI is a decentralised stablecoin issued by Sky Protocol (formerly MakerDAO), designed to maintain a soft peg to the US dollar through overcollateralised crypto-backed vaults. Launched in December 2017 as Single Collateral DAI (SAI) and upgraded to Multi-Collateral DAI in November 2019, DAI has been continuously operational for over 8 years — the longest-running major decentralised stablecoin in crypto.
In 2026, DAI has approximately $4-5 billion in circulation, having ceded some ground to newer entrants including Sky Protocol's own USDS (launched 2024) but remaining widely integrated across DeFi and centralised exchanges. DAI is one of the most integrated stablecoins in the DeFi stack, with acceptance on virtually every major DEX, lending market, and yield protocol across multiple chains.
The 2024 Sky Protocol rebrand introduced USDS as DAI's successor, with the intention that USDS would progressively take DAI's share within the Sky Protocol ecosystem. DAI continues to operate but its long-term role within Sky is transitional. Both stablecoins can be freely converted at 1:1 within the Sky ecosystem.
How DAI is created and maintained
DAI is created when users deposit collateral (ETH, WBTC, LSTs, real-world assets, and other approved assets) into Sky Protocol vaults and mint DAI against it up to a collateral-specific loan-to-value limit. Each vault type has its own stability fee (interest paid on the DAI debt), liquidation threshold, and debt ceiling.
If collateral value falls below the liquidation threshold, the position is liquidated and the collateral is auctioned to cover the DAI debt. This liquidation mechanism enforces overcollateralisation — DAI is always backed by more than $1 of on-chain collateral per DAI issued.
The Peg Stability Module (PSM) is critical to DAI's peg. PSMs allow direct 1:1 conversion between DAI and specific whitelisted stablecoins (USDC, USDP). This creates efficient arbitrage: if DAI trades above $1, arbitrageurs mint DAI via PSM (using USDC) and sell for profit; if below, they reverse the trade. PSMs have kept DAI's peg within basis points of $1 during normal markets since 2020.
DAI's collateral composition in 2026
DAI's collateral base has evolved significantly since its 2017 launch. In 2026, the composition includes:
- USDC via PSM. Historically the largest single collateral source; sometimes controversial for centralising DAI's de-facto backing.
- Real-World Assets. Tokenised US Treasuries and other RWA collateral generating yield for the Surplus Buffer.
- ETH and LSTs. The original crypto-native collateral vision.
- WBTC. Bitcoin-denominated collateral.
- Other approved assets. Various additional collateral types added over years.
The USDC dependency through PSM has been a persistent Sky Protocol governance debate — DAI depends on USDC for peg stability, which means USDC issues (like the March 2023 SVB depeg) can affect DAI. Multiple governance proposals have addressed this over time with mixed results.
Use cases for DAI in 2026
- DeFi collateral. DAI is widely accepted across Aave, Compound, Curve, Uniswap, and virtually every major DeFi protocol.
- Exchange trading pair. DAI is a common quote asset on centralised and decentralised exchanges.
- Payments. DAI is used for on-chain payments where a decentralised dollar substitute is preferred.
- Sky Savings Rate participation. Convert DAI to sUSDS for Sky's yield-bearing product.
- Store of value in high-inflation regions. DAI is used as a dollar substitute in various emerging markets.
Risks and structural questions
- USDC dependency. DAI's peg depends significantly on PSM operations with USDC.
- RWA collateral risk. Real-world asset collateral introduces off-chain regulatory and counterparty risk.
- Sky Protocol transition dynamics. The DAI→USDS transition creates uncertainty about DAI's long-term role.
- Governance execution. Sky Protocol's governance is complex and slow-moving on critical decisions.
- Stablecoin market competition. USDC, USDT, USDe, USDS all compete for on-chain dollar demand.
- Regulatory perimeter. Decentralised stablecoins face regulatory scrutiny in multiple jurisdictions; MiCA and GENIUS Act frameworks were designed for centralised issuers.
Outlook for DAI in 2026
DAI's 2026 outlook is defined by the Sky Protocol transition to USDS and the broader stablecoin market dynamics. As long as DAI remains widely integrated across DeFi and continues to function reliably, it will maintain meaningful market share. Whether DAI grows or slowly transitions to USDS depends on Sky Protocol's strategic execution.
For a comparison of DAI versus USDC, USDT, USDe, and USDS, see our stablecoin comparison guide and our independent rating of stablecoins.
Analysis last updated:
Dai price analysis
Dai (DAI) trades at $1.00 with a 24-hour volume of $115.89M and a market capitalization of $4.64B. The asset is currently ranked #22 among all tracked cryptocurrencies.
In the last 24 hours, the DAI price has fallen +0.01%. On a seven-day window, Dai has climbed +0.02%, showing mixed signals between the short and medium term. Short-term moves are often amplified by liquidity, news flow, and derivatives positioning, so confirm signals across multiple indicators before acting.
Dai's all-time high of $1.22 was set on March 12, 2020. The current price sits +17.95% below that peak. Distance from the all-time high is a common reference point when evaluating long recoveries and macro support or resistance.
How to buy Dai
Buying Dai (DAI) is a five-step routine once you have picked the right venue and pair. The steps below mirror what most investors do today.
- Pick a reputable exchange. Choose a platform that lists DAI with deep liquidity, transparent fees, and a clean security record. Our top-rated exchanges guide compares the leading venues side by side.
- Create and verify your account. Complete the exchange's KYC process — most platforms require a government-issued ID and a short identity check. It is a one-off step that usually takes a few minutes.
- Fund your account. Deposit fiat via bank transfer or card, or use a stablecoin like USDT or USDC. Stablecoin deposits settle the fastest and cost the least.
- Place a buy order. Open the DAI/USD or DAI/USDT pair, then execute a market order for instant fills or a limit order at your preferred entry.
- Secure your DAI. For long-term holdings, move tokens to a non-custodial wallet — a hardware device for highest security, or a reputable software wallet for frequent access.
You can also use the Dai converter above to estimate how much DAI you would get for a given dollar amount before placing the order.
Is Dai a good investment?
Whether Dai is a good investment depends on your goals, time horizon, and tolerance for volatility. Like all cryptocurrencies, DAI carries real market risk: prices can rise or fall sharply in a day, and past performance is not a reliable indicator of future returns.
Potential strengths
- Ranked #22 by market cap with an established trading history and active exchange coverage.
- Transparent on-chain data: real-time supply, circulation metrics, and publicly auditable transactions.
- Ongoing ecosystem development and community engagement, reflected in Stablecoins and Decentralized Finance (DeFi) activity.
Key risks to consider
- Volatility: 5–15% intraday moves are common across crypto markets.
- Regulatory uncertainty: policy changes in major jurisdictions can meaningfully affect price and access.
- Liquidity and custody risk: not all exchanges are equally safe, and self-custody requires careful key management.
This page provides data and analysis for educational purposes only. It is not financial advice. Always do your own research, diversify, and never invest more than you can afford to lose.
FAQ
Common questions about Dai
What is DAI?
DAI is a decentralised stablecoin issued by Sky Protocol (formerly MakerDAO), designed to maintain a soft peg to the US dollar through overcollateralised crypto-backed vaults. It has been continuously operational since December 2017.
How does DAI stay pegged to $1?
DAI peg is maintained through overcollateralisation of vaults, automatic liquidation of underwater positions, and — critically — the Peg Stability Module (PSM) that allows direct 1:1 conversion with USDC and other whitelisted stablecoins.
What backs DAI?
DAI is backed by a combination of USDC (via PSM), real-world assets (tokenised US Treasuries and other RWA), ETH and liquid staking derivatives, WBTC, and other approved collateral types.
How is DAI different from USDS?
DAI and USDS are both issued by Sky Protocol. USDS is the newer version launched in 2024 as part of the rebrand, designed to be more capital-efficient and enable Sky Savings Rate (sUSDS). DAI remains operational; conversion between DAI and USDS is 1:1 within Sky.
How is DAI different from USDC?
USDC is a centralised stablecoin issued by Circle, backed by dollar deposits in regulated US banks. DAI is decentralised, issued by Sky Protocol smart contracts, backed by crypto collateral and PSM-managed USDC. Both target $1 peg but through fundamentally different mechanisms.
Has DAI ever depegged?
DAI has experienced brief peg deviations during major market stress events (March 2020 Black Thursday, March 2023 SVB crisis via USDC contagion). Each time DAI recovered within days. The peg has been within basis points of $1 during normal markets since 2020.
Where can I get DAI?
DAI is listed on virtually every major exchange globally. It can also be minted directly through Sky Protocol vaults by depositing collateral. See our exchange rating for jurisdiction-specific recommendations.
Reporting
All news Latest Dai news
US Crypto News (or "Regulation" / "ETFs", per your taxonomy)Jul 26
US Institutional Bitcoin Demand Cools as CLARITY Act Uncertainty Weighs on ETF Flows
4 min read
MarketsJul 20
Ethereum Breaks Above $1,820 on $105M Weekly Spot ETF Inflows
3 min read
SecurityJul 17
Cascade XYZ CLS Vault Drained of $1.34M USDC in July Exploit
2 min read