Major cryptocurrency exchange Coinbase announced on May 23, 2019, that it had listed Maker’s stablecoin Dai (DAI) on its trading platform. With this, users of Coinbase.com and its Android and iOS apps will now be able to buy, sell, and store DAI.
According to the announcement, Coinbase users in the U.S. can now trade DAI stablecoin. However, the digital token will not initially be available for the residents of New York.
Maker, a decentralized autonomous organization (DAO), launched DAI in December 2017. The stablecoin runs on the Ethereum blockchain and unlike stablecoins such as Tether’s USDT – which is supposedly backed by USD stored in bank accounts – DAI is collateralized by USD stored on the Maker (MKR) platform. One DAI is equivalent to one USD.