The algorithmic stablecoin DAI is now backed by more Ethereum than the centralized stablecoin, USD Coin (USDC).
The milestone comes after months during which USDC made up more than 50% of the decentralized cryptocurrency’s backing.
At press time, the amount of Ethereum backing DAI has risen to 41.4%, and the amount of USDC has fallen to 34.5%, according to data from Dai Stats.
Assets used to create new DAI. Source: Dai Stats.
The milestone indicates the stableoins’s declining reliance on centralized entities too—a key tenant of the industry.
This is because USDC is run by a consortium called Centre, of which Circle and Coinbase are members, that maintains the stablecoin’s value through reserves of real U.S. dollars and other financial instruments that track the greenback.
Centre also has control over every USDC circulating in the market, and they have made this known on several occasions. In July 2020, for instance, the consortium froze an Ethereum address holding $100,
We współpracy z: https://decrypt.co/84958/ethereum-primary-collateral-decentralized-stablecoin-dai
