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They had to create USDC to keep it pegged during the crash before that, though. So actually it's USDC that's stable, that makes Maker stable.

• thebean11 5y ago
  Who is "they"? Maker has nothing to do with USDC. USDC is a Coinbase product.
  • sonicggg 5y ago
    Your seem uninformed. Dai is backed by USDC.
    • flixic 5y ago
      Last I heard, Dai was backed over-collateralized crypto, like ETH. Even Coinbase says so: > Unlike centralized stablecoins, DAI isn't backed by US dollars in a bank account. Instead, it’s backed by collateral on the Maker platform. https://help.coinbase.com/en/coinbase/trading-and-funding/cryptocurrency-trading-pairs/dai-faq https://help.coinbase.com/en/coinbase/trading-and-funding/cr...
      • rodiger 5y ago
        You should take a look at the breakdown... USDC is such a large portion of Dai backing (62%) that it's deemed an existential risk. They're working on reducing the reliance though with more stablecoins and more collateral classes. https://share.streamlit.io/tadzz/maker_dai_collateralization_2/main/dai_collateral_app.py https://share.streamlit.io/tadzz/maker_dai_collateralization...
    • thebean11 5y ago
      The comment I replied to implied that Maker and USDC are connected beyond USDC being one of many collateral currencies for DAO, which I don't believe is the case, but feel free to correct me if I'm indeed uninformed. edit: From someone above https://share.streamlit.io/tadzz/maker_dai_collateralization_2/main/dai_collateral_app.py https://share.streamlit.io/tadzz/maker_dai_collateralization... Each DAI is over collateralized, and backed by more ETH than USDC.