7 ms·

Isn't DAI backed by USDC and Tether in part?

• xur17 5y ago
  The debt ceiling for Tether is currently set to 0 [0] for dai. And USDC + other stablecoins do partially back it [1]. [0] https://daistats.com/#/collateral https://daistats.com/#/collateral [1] https://dune.xyz/SebVentures/maker---accounting_1 https://dune.xyz/SebVentures/maker---accounting_1
• njade 5y ago
  You are correct. Last time I checked, more than 50% backed by USDC. Makes no sense as the whole point of censorship resistance is defeated.
  • capableweb 5y ago
    Where/how did you check this? >50% of USDC sounds unreasonably high.
  • shawabawa3 5y ago
    from https://daistats.com/#/overview https://daistats.com/#/overview it's currently ~26% USDC It's also 200% collateralised so USDC could go to zero (or freeze all of the DAI locked USDC) without breaking the peg on DAI
• hanniabu 5y ago
  In part yes, along with many other assets. They've stated they'd like to lesson the use of stables as collateral and are still brainstorming solutions. The ability to add real estate as collateral should be interesting.