Cryptocurrency Q&A
Is DAI linked to USDC?
Is DAI linked to USDC?
EmmaWatson
Thu May 16 2024
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5 answers
1397
I'm curious about the relationship between DAI and USDC. Are they somehow interconnected? DAI is a decentralized stablecoin built on the Ethereum blockchain, while USDC is a centralized stablecoin issued by Circle and Coinbase. Do they share any similarities or dependencies? Or are they completely separate entities operating independently in the crypto ecosystem? Could you please elaborate on their relationship, if any, based on your knowledge in the field of cryptocurrency and finance?
5 answers
Eleonora
Sat May 18 2024
MakerDAO, the issuer of the DAI stablecoin, has been actively seeking to reduce its reliance on USDC. This shift in strategy is aimed at enhancing the decentralization of the DAI ecosystem and minimizing potential risks associated with a single collateral asset.
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Enrico
Sat May 18 2024
According to Daistats, MakerDAO has made significant progress in this regard. The percentage of DAI collateralized by USDC has decreased from 40% one month ago, marking a notable shift in the collateral composition of the stablecoin.
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henry_taylor_architect
Sat May 18 2024
Despite these efforts, it's important to note that MakerDAO's decentralization is still a work in progress. The system remains partially dependent on centralized assets like USDC, limiting its true decentralization potential.
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BusanBeautyBloomingStarShine
Fri May 17 2024
In addition to MakerDAO's ongoing decentralization efforts, it's worth mentioning the role of cryptocurrency exchanges like BTCC. BTCC, a UK-based exchange, offers a range of services that cater to the needs of crypto enthusiasts.
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Giulia
Fri May 17 2024
Among BTCC's services are spot trading, futures trading, and wallet solutions. These offerings provide users with convenient and secure ways to buy, sell, and store digital assets. BTCC's comprehensive suite of services helps drive the growth and adoption of cryptocurrency globally.
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