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DAIUSD

Dai / US Dollar

Industry

digital currency

Dai (or DAI, formerly Sai or SAI) is a stablecoin cryptocurrency which aims to keep its value as close to one United States dollar (USD) as possible through an automated system of smart contracts on the Ethereum blockchain. Dai is maintained and regulated by MakerDAO, a decentralized autonomous organization (DAO) composed of the owners of its governance token, MKR, who may vote on changes to certain parameters in its smart contracts in order to ensure the stability of Dai.

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Binance has integrated Tether (USDT) on The Open Network (TON), enhancing transaction speeds and lowering fees for users. This comes ahead of regulatory changes in the EEA, with MiCA imposing restrictions on unauthorized stablecoins. Uphold will delist USDT and five other stablecoins by July 1.

Portfolio Pulse from Murtuza Merchant

June 21, 2024 | 5:13 pm

MakerDAO has transferred $250 million from its Coinbase custody account to DAI’s peg stability module (PSM) to protect the peg for its DAI stablecoin. The reserves had dropped below $60 million, and the transfer was necessary to keep the DAI price stable. MakerDAO runs on Ethereum with DAI as a stablecoin, maintaining its value close to USD through a system of decentralized participants incentivized by smart contracts.

Portfolio Pulse from Khyathi Dalal

November 01, 2023 | 4:38 pm

Cryptocurrency prices, including Bitcoin (BTC) and Ethereum (ETH), traded higher on Tuesday, with BTC surpassing $34,000 and ETH exceeding $1,800. This follows the increase in the US S&P Global Manufacturing PMI to 50 in October, higher than market expectations. Mina (MINA) was the top gainer over the past 24 hours, while PAX Gold (PAXG) was the biggest loser. The global crypto market cap rose to $1.27 trillion, recording a 24-hour gain of 9.8%.

Portfolio Pulse from Lisa Levin

October 24, 2023 | 1:55 pm

Online casino and sportsbook Stake.com has reportedly suffered a security breach resulting in a loss of around $40 million. The breach was detected by on-chain cybersecurity firm Cyvers, which noticed unusual transactions from Stake.com’s Ethereum wallets. The affected cryptocurrencies include Ethereum (ETH), USD Coin (USDC), Tether (USDT), and DAI. Stake.com has acknowledged unauthorized transactions from their Ethereum and Binance Smart Chain hot wallets, but assures that user funds are safe.

Portfolio Pulse from Mehab Qureshi

September 05, 2023 | 5:32 am

Interlay has launched the Minimum Viable Product (MVP) for its Build on Bitcoin (BOB) solution, a Bitcoin Layer 2 network. The network is compatible with native Bitcoin libraries and the Ethereum Virtual Machine (EVM), making it a prime platform for developing decentralized applications. The inaugural application on BOB's MVP facilitates the trustless access of cross-chain assets like Ethereum, Dai, and USD Coin on Bitcoin. The full release will offer enhanced interoperability with Ethereum, a cutting-edge Bitcoin peg mechanism, and advanced Bitcoin rollup mechanics.

Portfolio Pulse from Murtuza Merchant

August 30, 2023 | 9:19 pm

The FBI has seized cryptocurrencies valued at approximately $1.7 million between March and July of this year. The confiscated assets include Ether (ETH), Dai tokens (DAI), Tether tokens (USDT), Bitcoin (BTC), Monero (XMR), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE). The digital assets were primarily seized from hardware wallets and accounts on cryptocurrency exchanges, with Binance accounts being notably prominent. No seizures were recorded from other leading exchanges such as Coinbase (COIN).

Portfolio Pulse from Murtuza Merchant

August 21, 2023 | 9:11 pm

The stablecoin market has seen a shift in market share, with Tether (USDT) gaining over 25% to $83.7 billion in the past year, while USD Coin (USDC) has lost over 40% to $25.82 billion. Other stablecoins like Binance USD (BUSD) and Dai (DAI) have also seen a decrease in market share. The only stablecoin to increase its market share is TrueUSD (TUSD). The shift could be due to several factors, including the collapse of TerraUSD (USTC) and the slow response of Silicon Valley Bank to rumors about the reserves backing its USDC. Tether's profitability is getting closer to Blackrock (BLK) due to rising U.S. government bond yields.

Portfolio Pulse from Murtuza Merchant

August 04, 2023 | 1:57 pm

Bitcoin and Ethereum recorded losses, with Bitcoin remaining above $30,000 and Ethereum trading below $1,900. This follows the U.S. economy adding 209,000 jobs in June, the lowest reading since Dec. 2020. eCash was the top gainer over the prior 24 hours, while Pepe was the biggest loser. The global crypto market cap fell to $1.17 trillion, a 24-hour decline of 3.2%.

Portfolio Pulse from Lisa Levin

July 07, 2023 | 1:32 pm

MakerDAO has acquired $700 million in U.S. Treasury bonds, raising its total bond holdings to $1.2 billion. This move aims to back the DAI stablecoin with real-world assets and follows the MakerDAO community's approval to raise the debt ceiling.

Portfolio Pulse from Murtuza Merchant

June 21, 2023 | 8:54 pm

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