There is no need for a centralized authority that oversees fiat-collateralized stablecoins like Tether (USDT), nor any traditional bank backs it. The process is facilitated by the Maker platform along with the MKR token, CDP smart contracts, and several other stabilization mechanisms. It shifts following market changes and thus keeps a steady price against other cryptocurrencies. One Dai equals one US dollar (1:1 ratio) and will always remain so until the token is taken out of the circulation.ĭai maintains stable value without centralized trust in a clever and interesting way. In short, Dai is a decentralized stablecoin created by MakerDAO (MKR).
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