Crypto News
Ethereum Foundation Converts 1,000 ETH to Stablecoins in a $4.46M Cowswap Maneuver
Ethereum Foundation converts 1,000 ETH into stablecoins to support research and development initiatives. Learn more about this move.
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Dai (DAI) is a decentralized stablecoin created by MakerDAO, designed to maintain a 1:1 peg to the US dollar. Unlike centralized stablecoins, Dai is backed by cryptocurrency collateral on the Ethereum blockchain, making it fully decentralized. Users can generate DAI by depositing collateral into Maker Vaults, which are smart contracts that ensure Dai's stability. Dai plays a vital role in the DeFi ecosystem, allowing users to transact, lend, and borrow in a stable currency without relying on traditional banks. Access live DAI prices, historical data, and market insights on our Dai Markets page to stay updated on Dai’s role as a key stablecoin in the crypto world.
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Ethereum Foundation converts 1,000 ETH into stablecoins to support research and development initiatives. Learn more about this move.
Stats show more than a billion USDS coins have been minted, and 530 million DAI have been converted to the new standard.
In the past month, the stablecoin market has kept its upward momentum, with four out of the top five USD-pegged tokens increasing in supply.
Out of the $1.39 billion increase in the past week, USDT’s supply growth alone contributed 43.96% to the total.
In the past 15 days, the stablecoin economy experienced modest yet steady expansion, adding $1.08 billion to its overall value.
This week, the value of the stablecoin economy has climbed to $160 billion, a peak last observed in May 2022.