Dai is a crypto-backed stablecoin that seeks to maintain a soft peg with the U.S. dollar.

Dai was first described in a white paper published in December, 2017. Dai is a decentralized, crypto-collateralized stablecoin that aims to maintain a stable value relative to the U.S. dollar. It was developed by MakerDAO, a Decentralized Autonomous Organization or DAO, and runs on the Maker Protocol, a system of smart contracts that algorithmically maintains Dai’s soft peg. MakerDao built Dai to be used as a global medium of exchange and to promote economic freedom and opportunity in the world.