USDC Backing Maker’s Stablecoin DAI Plummets to 23%

The market’s largest decentralized stablecoin got a minor decentralization boost. At press time, the amount of Circle’s USDC stablecoin backing MakerDAO’s DAI has hit 23.6%. This figure was a whopping 50% last August, sparking concerns over DAI’s centralization. DAI is a U.S. dollar-pegged overcollateralized stablecoin, governed by the MakerDAO decentralization organization. DAI is the largest decentralized stablecoin with a market capitalization of $4.6 billion, per Coingecko, backed by cryptocurrencies like Ethereum and stablecoins, as well as so-called real-world assets. RWAs refer to non-crypto assets and those that are linked to real-world businesses or entities.

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