Convert between DAI and US dollars at the live rate.
$1.22
−17.97% from current
$0.88196
+13.37% from current
Independent editorial ranking. Score is 0–10 across six criteria: Security, Fees, UX, Features, Support, Reputation.
US and EU users who prioritise a spotless security record — no major hack since 2011 — and want a serious pro-grade trading terminal.
Institutions and funds requiring an SEC-registered venue with segregated qualified custody and audited on-chain reserves.
Active spot traders chasing the deepest global liquidity and the widest listing catalogue outside the US perimeter.
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.
Long-horizon EU holders who want the oldest continuously-operating exchange (2011) with conservative listings and full MiCA licensing.
Derivatives-first traders who want tighter perp funding and a maker-friendly fee schedule; accept offshore regulatory footprint.
Top coins in the same category, ordered by market cap.
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.
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 base has evolved significantly since its 2017 launch. In 2026, the composition includes:
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.
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 (DAI) trades at $0.999847 with a 24-hour volume of $301.03M and a market capitalization of $4.58B. The asset is currently ranked #21 among all tracked cryptocurrencies.
In the last 24 hours, the DAI price has risen +0.00%. On a seven-day window, Dai has retraced +0.01%, 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 +17.97% below that peak. Distance from the all-time high is a common reference point when evaluating long recoveries and macro support or resistance.
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.
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.
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.
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.
