DAI is a stablecoin (a cryptocurrency with a stable price) based on Ethereum, whose issuance and development are managed by the Maker protocol and the decentralized autonomous organization (DAO) MakerDAO.The key advantage of DAI is that it is managed not by a private company but by a decentralized autonomous organization through a software protocol. As a result, all instances of token issuance and burning are managed and publicly recorded by self-executing smart contracts on the Ethereum blockchain, making the entire system more transparent and less susceptible to financial manipulation.
This stablecoin was initially launched in a limited capacity in September 2018. Simply put, the mantra of USDC is “digital money for the digital age,” and the stablecoin is designed for a world where cashless transactions are becoming increasingly common.
Today, USDC is a truly global digital currency, confidently competing with USDT and ranking 6th in market capitalization among all digital currencies.