Dai (DAI) is a USD-pegged stable coin built on the Ethereum blockchain and has no centralized authority. Its USD 1 equivalent maintains through automatic pricing mechanisms built into smart contracts.

 

When Dai is worth more than $1, the smart contract pricing mechanisms decrease the price. Conversely, when Dai is worth below $1, the smart contract pricing mechanisms increase the price. Freely trade Dai like any other ERC20 token. Anyone with an Ethereum wallet can own, accept, and transfer it without an intermediary.