Stablecoin DAI will be pegged to more fiats than just USD

Stablecoin DAI will be pegged to more fiats than just USD

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Stablecoin DAI, a multi-collateral launched recently by MakerDAO will be pegged to multiple currencies instead of just the USD. It has the rare distinction of being supported by the both Basic Attention Token (BAT) of Brave as well as Ethereum. This multi-collateral has delivered significant success since the total number of DAI now closes towards fifty million (50M) mark.

Rune Christensen, the founder of MakerDAO, mentioned how he is pegging his stablecoin DAO to currencies other than the mighty USD. He does agree that DAI-USD pegging is great for the overall stability and maintaining a healthy ecosystem of altcoins.

Stablecoin DAI looking to set a new trend in the market

Over time, USD has not remained so dominant, especially in the fiat world. On a global scale, the US hyperinflation has had an effect on the United States dollar. There are multiple reasons behind the USD falling from its grace especially to those who operated in the hyper-fast cryptocurrency realm. So, there’s no point in being constrained by the United States dollar.

Besides the USD-DAI peg, he sees his stable currency being linked to other prominent fiat and digital assets in the near future. He intends to create a currency basket to peg DAI or even a full-fledged CPI consortium. This will certainly help it become a global currency in real terms.

He recommends that more fiats should be pegged to the stablecoin DAI to fully explore the benefits of decentralized tech or blockchain. He suggests the Japanese Yen or the Euro in order to enter the global stage truly. He wishes to highlight the future possibilities that include such a plethora of stablecoins being pegged to cryptocurrencies and other fiat dollars.

A Euro DAI or even a Yen DAI is very much a possibility soon. Such a diverse mix of stablecoin DAI will certainly boost its credibility. In a farfetched possibility, he claims that DAI could itself become a global basket.

Image Source: Pixabay

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Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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