[All stablecoins](https://revain.org/) › DAI

# Dai (DAI): collateral, risks and reviews

Crypto-collateralized stablecoin issued by a protocol · US dollar · Sky Protocol

## On-chain stablecoin data

- **Issuance, 30 days (2 October 2026 – 31 October 2026)**: Minted US$60.85 bn, burned US$60.89 bn, net issuance −US$40.07 m
- **Freeze function in the contract**: no freeze function: Ethereum
- **Issuer and freeze powers**: [ACHIVX Academy guide ↗](https://achivx.com/academy/issuers/sky.html)

On-chain measurement by Stablecoin Scanner (ACHIVX), not a reserve or solvency claim. As of 31 October 2026. Mints and burns as decoded by the scanner on the chains it covers, not the issuer’s total issuance; mints and burns on Solana are not yet decoded and are not included. Native deployments in the scanner’s token registry. [scanner page ↗](https://stablescan.achivx.com/dai-explorer)

## Key facts

- **Issuer**: Sky Protocol
- **Pegged to**: US dollar
- **Type**: Crypto-collateralized stablecoin issued by a protocol
- **Backing**: collateral locked in the protocol, USDC held in the protocol’s stability module
- **Reserve reports**: Collateral visible on-chain
- **Redemption with the issuer**: Anyone, on-chain through the protocol
- **Yield**: Optional savings rate: DAI Savings Rate (sDAI)
- **Issuer powers**: issue and redeem tokens
- **Networks (per the issuer)**: Ethereum

From the ACHIVX Academy dossier written 2026-10-11 from the issuer’s own documents. Terms change — check the sources.

## Regulation

- a protocol, not a regulated issuer

## What backs DAI as of 27 October 2026

DAI and USDS draw on the same Sky Protocol (formerly MakerDAO) collateral. On 27 October 2026 Sky's dashboard showed about $12.67bn of collateral against $10.64bn of debt, with a $54.66m surplus buffer. About $6.17bn is allocated to Sky Stars (Spark, Grove, Obex, Osero) and $3.86bn is USDC in the LitePSM; the rest is crypto and SKY collateral in overcollateralised vaults plus $70m of legacy real-world assets. The dashboard counted 3.85bn DAI and 6.11bn USDS in circulation.

| Asset | Amount | Share |
|---|---|---|
| Spark — Sky Star allocation | $3.87 bn | 30.6% |
| LitePSM stablecoins (USDC) | $3.86 bn | 30.4% |
| Grove — Sky Star allocation | $1.88 bn | 14.8% |
| Obex — Sky Star allocation | $406 m | 3.2% |
| Core crypto vaults (overcollateralised) | $1.44 bn | 11.4% |
| Staking Engine — loans against SKY | $1.14 bn | 9.0% |
| Legacy real-world assets | $70 m | 0.6% |
| Osero — Sky Star allocation | $5.0 m | <0.1% |

Source: [info.sky.money](https://info.sky.money/), snapshot of 27 October 2026. The figures change over time.

## Minting and redeeming directly with the issuer

Anyone can swap USDC for DAI and back 1:1 through the LitePSM, convert DAI↔USDS 1:1, or open a vault, with no account. No company redeems DAI for dollars.

| Item | Terms |
|---|---|
| Mint fee | None: LitePSM USDC→DAI fees are currently off (governance could enable them) |
| Redemption fee | None: LitePSM DAI→USDC fees are currently off; the DAI↔USDS converter is free |
| Verification | None at protocol level |
| Settlement | One on-chain transaction |

Not available under the issuer’s terms: persons blocked by the sky.money interface's sanctions screening (the protocol contracts themselves are permissionless)

## Freezing and seizure

Sky's docs describe DAI as a standard ERC-20 token with permit and no freeze, blacklist or upgrade function. DAI is created and destroyed only by the protocol's own contracts.

## Networks where the issuer issues DAI

| Network | Contract address |
|---|---|
| Ethereum | [0x6B175474E89094C44Da98b954EedeAC495271d0F](https://etherscan.io/address/0x6B175474E89094C44Da98b954EedeAC495271d0F) |

Official list from the issuer (1 network). DAI is issued on Ethereum. Sky does not publish an official list of DAI on other networks.

## Contracts by network

| Network | Contract address | Token | Issuer can |
|---|---|---|---|
| Ethereum | [0x6b175474e89094c44da98b954eedeac495271d0f](https://stablescan.achivx.com/ethereum/stablecoin/dai#contract) (18 decimals) | native | cannot freeze |
| Optimism | [0xda10009cbd5d07dd0cecc66161fc93d7c9000da1](https://stablescan.achivx.com/optimism/stablecoin/dai#contract) (18 decimals) | bridged | cannot freeze |
| Base | [0x50c5725949a6f0c72e6c4a641f24049a917db0cb](https://stablescan.achivx.com/base/stablecoin/dai#contract) (18 decimals) | bridged | cannot freeze |
| Arbitrum One | [0xda10009cbd5d07dd0cecc66161fc93d7c9000da1](https://stablescan.achivx.com/arbitrum/stablecoin/dai#contract) (18 decimals) | bridged | cannot freeze |

Contracts indexed by Stablecoin scanner ACHIVX, snapshot of 2026-10-27. Always check the address before sending.

## Risks and caveats

- DAI shares its collateral pool with USDS, so both depend on the same Sky Protocol assets.
- About 30% of collateral is USDC in the LitePSM and about half is allocations to Sky Stars (Spark, Grove, Obex, Osero), counted at 1:1 on Sky's dashboard.
- Wrong, delayed or manipulated price data, or keeper failures, can cause wrong pricing, unnecessary liquidations or bad debt.
- Interest rates, collateral rules, fees and the DAI Savings Rate are set by Sky governance and can change at any time.

## About the issuer

- **Issuer**: No issuing company: the Sky Protocol (formerly MakerDAO), open-source smart contracts
- **Operator**: Skybase International runs the sky.money interface only; its terms are under Cayman Islands law
- **Management**: Sky governance: SKY holders vote, and approved changes execute on-chain after an enforced delay
- **Regulator / licence**: None named; Skybase International states it is not a financial service provider of any kind
- **Other tokens**: USDS, DAI, sUSDS, sDAI, stUSDS, SKY (MKR converts to SKY at 1:24,000)
- **Launched**: Sky says the protocol has worked on stablecoin infrastructure since 2017

## Questions and answers

**Who issues DAI?**

DAI is issued by Sky Protocol.

**Can I redeem DAI with the issuer?**

Anyone, on-chain through the protocol.

**Does DAI pay yield?**

Optional savings rate: DAI Savings Rate (sDAI).

**How is DAI regulated?**

a protocol, not a regulated issuer.

**Which networks is DAI on?**

According to the issuer, DAI is issued on 1 network: Ethereum. Stablecoin scanner ACHIVX indexes DAI on: Ethereum, Optimism, Base, Arbitrum One.

**What backs DAI?**

The same Sky Protocol collateral as USDS: on 27 October 2026 about $12.67bn of collateral backed $10.64bn of debt, according to Sky's dashboard.

**What is the difference between DAI and USDS?**

Both come from the same Sky Protocol issuance source and can be converted 1:1 at any time; fees on the converter cannot be enabled.

**Can I swap DAI for USDC?**

Yes. Anyone can swap DAI for USDC 1:1 through the LitePSM, currently without fees, though governance could enable them. No company redeems DAI for dollars.

**Is DAI audited?**

Sky does not publish an accountant's attestation or audit of the collateral; the figures come from on-chain data on Sky's dashboard.

**Can DAI be frozen?**

Sky's docs describe no freeze or blacklist function in the DAI token contract. On Ethereum the issuer cannot freeze it. On Optimism, Base, Arbitrum One it is a bridged version of the token; the issuer cannot freeze it there.

## Learn more

- [Who issues DAI, what backs it and what the issuer can do — ACHIVX Academy](https://achivx.com/academy/issuers/sky.html)
- [Open DAI in Stablecoin scanner ACHIVX](https://stablescan.achivx.com/dai-explorer)

## More questions in ACHIVX Academy

- [Can DAI be frozen?](https://achivx.com/academy/how-it-works/can-dai-be-frozen.html)
- [Where does the Sky Savings Rate come from — and who sets it?](https://achivx.com/academy/issuers/where-does-the-sky-savings-rate-come-from.html)
- [Which stablecoins can be frozen, and by whom?](https://achivx.com/academy/how-it-works/which-stablecoins-can-be-frozen.html)
- [Which stablecoins can be frozen on each network, and how large is each record?](https://achivx.com/academy/how-it-works/which-stablecoins-can-be-frozen-on-each-network.html)
- [Is USDS safe? What Sky's own documents say](https://achivx.com/academy/issuers/is-usds-safe.html)
- [How do the stablecoins compare — nine on ACHIVX Stablecoin Scanner and seven more?](https://achivx.com/academy/issuers/how-do-the-issuers-compare.html)

## Sources

- [Sky — sky.money](https://sky.money/)
- [Skybase International — Terms of Use (1 Sep 2026)](https://docs.sky.money/legal/skybase-international/terms-of-use)
- [Skybase International — User Risks (1 Sep 2026)](https://docs.sky.money/legal/skybase-international/user-risks)
- [Sky ecosystem dashboard info.sky.money — API /groups/ and /overall/ (27 Oct 2026)](https://info.sky.money/)
- [Sky developers — USDS token](https://developers.sky.money/protocol/tokens/usds/)
- [Sky developers — LitePSM](https://developers.sky.money/protocol/liquidity/litepsm/)
- [Sky developers — Protocol Token Routes](https://developers.sky.money/quick-start/protocol-token-routes/)
- [Sky chainlog — mainnet active addresses](https://chainlog.sky.money/api/mainnet/active.json)
- [Sky developers — DAI token](https://developers.sky.money/protocol/tokens/dai/)
- [Sky developers — Pot (DSR)](https://developers.sky.money/protocol/rates/pot/)

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Page updated: 2026-11-10

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Source: https://revain.org/coins/dai/