Coinbase has officially announced the listing of the Dai (DAI) stablecoin. Users can now access DAI trading, storage, and conversion services on Coinbase.com, as well as through its Android and iOS mobile applications.
This integration allows customers to buy, sell, convert, send, receive, and store DAI seamlessly. However, residents of the state of New York will not have access to DAI trading at launch due to regional regulatory restrictions.
What Is Dai (DAI)?
Dai is a decentralized, Ethereum-based stablecoin designed to maintain a soft peg to the US dollar, with a target value of $1.00. Unlike centralized stablecoins that rely on reserves of fiat currency held in banks, Dai is backed by a diversified portfolio of crypto collateral managed through the Maker Protocol.
The Maker platform utilizes a two-token system:
- DAI: The stablecoin itself, which remains stable through autonomous smart contract mechanisms.
- MKR: A governance token that allows holders to participate in key decisions, including risk management and system upgrades.
This structure enables DAI to operate in a decentralized, transparent, and trust-minimized manner.
Why Coinbase Listed Dai
Coinbase has been gradually expanding its supported assets in response to growing user demand for a wider range of cryptocurrencies. The exchange uses a structured evaluation process to ensure each new asset meets its standards for security, compliance, and usability.
The addition of DAI aligns with Coinbase’s goal to offer assets that represent important innovations in the crypto space—particularly in decentralized finance (DeFi).
Tools and Resources for Users
To help users make informed decisions, Coinbase offers educational content and real-time data tools. These include dedicated asset pages for each cryptocurrency and a learning portal that covers common questions about blockchain technology.
For those interested in exploring decentralized financial applications, having a stablecoin like DAI is essential. 👉 Explore decentralized finance tools
Frequently Asked Questions
What is Dai (DAI)?
Dai is a decentralized stablecoin pegged to the US dollar. It is generated through collateralized debt positions on the Maker protocol and is designed to maintain stability without relying on central issuers.
How can I buy DAI on Coinbase?
You can purchase DAI on Coinbase by creating an account, completing identity verification, depositing funds, and then using the Buy, Sell, or Convert features to acquire DAI.
Why is DAI not available in New York?
New York state has specific regulatory requirements for cryptocurrencies through its BitLicense framework. Coinbase is continuously working to meet local compliance standards in all regions it serves.
Is DAI a safe stablecoin?
DAI is considered one of the most reputable decentralized stablecoins. Its collateralization mechanism is transparent and governed by MKR token holders, though all stablecoins carry some degree of market or smart contract risk.
Can I use DAI for payments?
Yes, DAI is widely accepted across various DeFi platforms, crypto exchanges, and by some merchants as a form of payment due to its stability and Ethereum-based compatibility.
What makes DAI different from USDT or USDC?
Unlike Tether (USDT) and USD Coin (USDC), which are centrally issued and backed by traditional assets, DAI is decentralized, algorithmically stabilized, and backed by over-collateralized crypto assets.