From niche trading tool to indispensable financial infrastructure, stablecoins have transformed how value moves on-chain - now representing:
- $230B+ in supply
- 1.5M+ active addresses
- 60%+ of total transaction volume
In our Stablecoin Sector Analysis, we unpack:
- Fiat-Backed Dominance: Why $USDT and $USDC still command over 90% of market share
- DeFi Alternatives: How $DAI, $USDS, and yield-generating models like $USDe are creating new value propositions
- Interest-Bearing Models: The emergence of tokenized money market funds and on-chain savings vehicles
- Network Flows: Ethereum leads with 37% of stablecoin transfer volume, followed by Base at 35%, Tron at 20%, and Solana at 5% (as of April 2025) - underscoring how low fees and high throughput enable payments and microtransactions.
Dive deeper into the stablecoin ecosystem with insights from @TanayVed and the @coinmetrics team.
👉 Check out the full report and view the Coin Metrics Stablecoin dashboard - both linked in replies.
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CoinDesk
DeFi savings protocol Sky posted a first-quarter loss of $5 million after interest payments to token holders more than doubled, according to a report created by Sky contributors from Steakhouse Financial.
The loss is a stark turnaround from the previous quarter, when Sky, formerly known as MakerDAO, registered a $31 million profit. The reason for the 102% increase in interest payments is the decision to incentivize use of the protocol's newer Sky dollar stablecoin (USDS) over the existing DAI.
"The Sky Savings Rate was kept very high at 12.5% relative to the rest of the market, driving massive inflows" Rune Christensen, co-founder of Sky, told CoinDesk over Telegram. When Sky began lowering interest rates to 4.5% in February, a lot of investors stuck around, he said.
The situation is a double-edged sword for the protocol, which was among the first cohort of decentralized finance apps to spring up on Ethereum in 2017.
Sky operates similar to a traditional bank. It needs to lend to others at a rate higher than it pays its savers.
However, offering higher rates on USDS without a corresponding increase in demand for the stablecoin is hurting the protocol’s profitability, PaperImperium, governance liaison at blockchain research and development company GFX Labs, told CoinDesk over Telegram.
"USDS is a major drag on earnings," he said. "DAI makes money. USDS, not so much."
The push toward USDS is part of Sky’s so-called Endgame plan, an initiative led by Christensen aimed at transforming the protocol into a more decentralized and resilient system.
No new demand?
When Sky rebranded from MakerDAO and launched USDS in August as part of Endgame, the plan was that the new stablecoin would appeal to a different set of users than DAI.
USDS was designed to better comply with regulations and financial reporting requirements. It was targeted toward sophisticated investors like hedge funds, family offices and other institutions looking to dip their toes into decentralized finance.
But it’s unclear if USDS has been able to attract a substantial number of new users.
The returns investors can earn on USDS comapred to DAI is different: USDS pays out 4.5%, while DAI yields 2.75%.
Many investors swapped their DAI for USDS, meaning Sky had pay out more to people who previously were happy to earn a lower yield or, in many cases, no yield at all, PaperImperium said.
To be sure, the report said the combined supply of USDS and DAI has increased 57% since the start of the quarter. But a large part of this increase is from Ethena, the synthetic dollar protocol. It has piled over $450 million into staked USDS, and passes the yield on to those who stake its own stablecoin, USDe.
Over the past week, Ethena has switched some of its reserves from USDS to USDtb — a stablecoin backed by BlackRock’s USD Institutional Digital Liquidity Fund, or BUIDL.
The move means there’s less USDS in circulation. But it may also benefit Sky by reducing the amount of interest the protocol must pay out.
Read more: MakerDAO's Christensen Hopes for 'Firm Decision' as MKR Holders Vote on Sky Brand
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Phyrex
Recently, the topic of RWA and stablecoins has been discussed more and more, especially after the Cirlce impact listing, more and more stablecoin project parties believe that stablecoins based on U.S. bonds are the most stable and guaranteed fixed income products, but in fact, there are still fewer people doing this, without it, on the one hand, although the income is stable, only about 4% yield may not be enough to subsidize the market.
Secondly, the market for stablecoins in terms of purchasing power is saturated enough, USDT and USDC have shared the largest market share, and other stablecoins, even the old DAI, are at the bottom of the market, not to mention the support for exchanges, FDUSD and TUSD are the best examples.
So why are there still people using stablecoins without payment and purchase links, because of the "rate of return", since the stabilization in 2020, stablecoins have become less and less used as a payment channel, and more are used as the support of the protocol to provide income, and staking is the best protocol.
In the early days, DAI was able to gain exposure to stablecoins by staking ETH to be over-collateralized, but as ETH price volatility has amplified, DAI has transformed from a stablecoin to a "staking platform". Therefore, it is better to directly make U.S. bond collateral, which is more stable and less to worry about, although the income may be reduced, but the stability is improved, the liquidation is reduced, and the applicability is also improved.
However, there is still a large amount of $BTC and $ETH collateral demand on the chain, and on-chain lending is also the best way to confirm the right of DeFi now, so through the lending of BTC and ETH to leverage the user's spot leverage, and use U.S. bonds to hedge risks, this is a very standard combination, liquidity through the lending market, liquidity provider positions and yield maximization strategies continue to surpass passive strategies, and make full use of assets.
Resolv's staking pool will evolve into a segregated, yield-optimized cluster of assets that integrate blue-chip DeFi protocols. But ETH and BTC After all, there are already many protocols in the market, so there is a more "wild" way to play, adding altcoins and the collateral and hedging of contracts to the yield pool to expand the yield. Resolv works by building a hedged altcoin vault to capture synthetic USD gains from these high-interest rate environments while maintaining risk control.
@ResolvLabs is such a way to play, Resolv is a neutral spread stablecoin architecture, the core is $USR, a stablecoin pegged to the US dollar, including neutral Delta perpetual contracts, staking, lending, and re-staking.
And it adopts a dual-currency scheme, in which $USR as a stable income layer, which can be regarded as a stablecoin directly generated by collateral, and $RLP is a stable coin that obtains income through fluctuations. At present, Resolv also cooperates with Pandle to support USR's staking and point acquisition in Pandle.
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Sjuul | AltCryptoGems reposted
RAILGUN - Private & Anonymous DeFi
🪙 RAILGUN Active Governor Rewards 🗳️
Staked $RAIL gives access to:
- Voting power
- Active Governor Rewards (AGR) multi-token yield program paid out every 2 weeks in ETH, DAI, and RAIL
Let's see how you can start earning your share of RAILGUN protocol fees 👇
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ChainCatcher 链捕手
According to Onchain Lens, the whale address at the beginning of 0x454 bought 4586.79 ETH at a price of $2455 each. The transaction used 67 WBTC (approximately $6.85 million) and $4.41 million in DAI, for a total transaction value of more than $11 million.
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DAI price performance in USD
The current price of DAI is $1.0000. Over the last 24 hours, DAI has decreased by -0.02%. It currently has a circulating supply of 3,626,350,509 DAI and a maximum supply of 3,626,350,509 DAI, giving it a fully diluted market cap of $3.63B. At present, the DAI coin holds the 0 position in market cap rankings. The DAI/USD price is updated in real-time.
The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates ("OKX") are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
DAI is a decentralized stablecoin designed to maintain a value of one US dollar. It is a product of MakerDAO, a decentralized autonomous organization (DAO) built on the Ethereum blockchain. The project was proposed by Rune Christensen, the founder of MakerDAO, in 2014 to create a stablecoin that was decentralized, transparent, and backed by collateral.
The first version of DAI, called Single-Collateral Dai, was launched in December 2017 and was initially backed only by Ethereum (ETH). Later, the Dai Stablecoin System evolved into a Multi-Collateral Dai system that allows different assets as collateral to back the stablecoin.
DAI has gained popularity as one of the most widely used decentralized stablecoins in the cryptocurrency ecosystem. By being backed by collateral and not pegged to a fiat currency, DAI can maintain its value stability while being transparent and accessible to everyone.
Unlike traditional stablecoins, such as Tether (USDT) and USD Coin (USDC), which are backed by fiat currency reserves, DAI is backed by collateral. Specifically, it is supported by Ethereum and other ERC-20 tokens deposited into a smart contract called a collateralized debt position (CDP).
The value of the collateral is maintained at a minimum of 150% of the value of the DAI that is issued. This ensures that there is always sufficient collateral to back the stablecoin and maintain its stability.
How does DAI work
The technology behind DAI is complex but can be broken down into several key components. The first component of the DAI technology is the CDP smart contract. This smart contract is used to collateralize assets to back the DAI stablecoin. Users can deposit Ethereum and other ERC-20 tokens into a CDP and receive DAI in return.
The value of the collateral is maintained at a minimum of 150% of the value of the DAI that is issued. This ensures that there is always sufficient collateral to back the stablecoin and maintain its stability.
The second component of the DAI technology is the stability mechanism. The stability mechanism is designed to ensure that the price of DAI remains stable at one US dollar. If the price of DAI rises above one US dollar, then the MakerDAO system incentivizes users to create more DAI by lowering the interest rate on CDPs.
If the price of DAI falls below one US dollar, then the MakerDAO system incentivizes users to buy back DAI by raising the interest rate on CDPs. This mechanism ensures that the price of DAI remains stable over time.
The third component of the DAI technology is the governance system. The governance system is used to manage the MakerDAO platform and make decisions about its future. Anyone who holds the DAI governance token can participate in the governance system.
The system is designed to be decentralized and transparent, with voting rights weighted by the amount of DAI each user holds. The governance system is responsible for making decisions about changes to the platform, such as adjusting the stability mechanism or adding new collateral types.
The final component of the DAI technology is the Ethereum blockchain itself. DAI is built on top of the Ethereum blockchain, which provides a secure and decentralized platform for creating and managing the stablecoin. The Ethereum blockchain stores the smart contracts that power the DAI system and executes transactions between users.
What is DAI used for
The DAI stablecoin is used for various purposes in the cryptocurrency ecosystem. One of its most significant use cases is as a medium of exchange. It can be used to buy and sell goods and services like any other currency. Additionally, it can be used as a store of value, as its price stability makes it an attractive alternative to volatile cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Another critical use case for DAI is accessing decentralized finance (DeFi) applications. DeFi is a new and rapidly growing field that uses blockchain technology to create financial applications that are decentralized, transparent, and accessible to everyone.
Many DeFi applications use DAI as a stablecoin because it offers a stable value that is not subject to the volatility of other cryptocurrencies. As a result, DAI is used in various DeFi applications, including lending, borrowing, and trading.
The DAI token itself is used to govern the MakerDAO platform. Holders of DAI can participate in the MakerDAO governance system, allowing them to vote on proposals and make decisions about the platform's future. The governance system is designed to be decentralized and transparent; anyone can participate by holding DAI tokens.
About the founders
The founders of MakerDAO are Rune Christensen and Andy Milenius.Rune Christensen is the CEO and co-founder of MakerDAO. He has a background in design and entrepreneurship, having previously founded a web development and design agency. Christensen has been the driving force behind the creation of DAI and the MakerDAO platform.
Andy Milenius was the CTO and co-founder of MakerDAO. He has a background in software engineering, having previously worked at Google and several startups. Milenius was responsible for the technical design of the MakerDAO platform, including the development of the smart contracts that power the system. Milenius left the company in 2019.
The MakerDAO team has created a revolutionary stablecoin backed by collateral and designed to maintain a stable value of one US dollar. The team has a deep understanding of blockchain technology and has been working on the concept of a decentralized stablecoin for several years.
The MakerDAO team is highly respected in the blockchain community and has received several awards and accolades. Additionally, the MakerDAO platform has been recognized as one of the world's most innovative and impactful blockchain projects.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 6.3K new posts about DAI, driven by 4.6K contributors, and total online engagement reached 9M social interactions. The sentiment score for DAI currently stands at 57%. Compared to all cryptocurrencies, post volume for DAI currently ranks at 0. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of DAI.
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Posts
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57%
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X
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DAI FAQ
How much is 1 DAI worth today?
Currently, one DAI is worth $1.0000. For answers and insight into DAI's price action, you're in the right place. Explore the latest DAI charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as DAI, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as DAI have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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