VENUEVERITAS

STABLECOIN EVIDENCE

DAI

Over-collateralizedPeg USDDai

Protocol-minted over-collateralized USD soft-peg. Shares the same Vat collateral book as USDS (2026-08-29 API); canonical DAI has no address freeze.

Compare USDS vs DAIInspect primary evidence

Detail ready · Core-10 evidence

What backs this stablecoin?

Protocol collateral system — not a fiat cash reserve attestation.

COLLATERAL SYSTEM

Same Vat architecture as USDS. Compare wrappers and controls — not separate reserve piles.

RWA EXPOSURE

Shared primes / legacy RWA exposure with USDS.

CRYPTO COLLATERAL

Shared crypto vaults and PSM USDC sleeve.

PROTOCOL CONTROL

Canonical DAI has no address freeze. Governance via SKY / MKR paths.

Latest protocol collateral book

Reserve report Aug 29, 2026Current verifiedFresh evidence ≠ safe

  • Shared Primes Vaults (with USDS)6.00B USD
  • Shared PSM Vaults4.79B USD
  • Shared ETH vaults363.24M USD

Primary source

Backing Flow

Holder → issuer or protocol → backing → custody or hedge → verification. Unknown links stay labeled UNKNOWN.

HolderDAI holder
ProtocolSky Vat / Join / PSM
CollateralShared collateral pool with USDS

Can you redeem it directly?

Exchange trading is not issuer redemption.

Direct issuer redemption

No

Eligible
Protocol paths only
KYC
Not applicable
Minimum
Not published
Fee
Not published

Who controls what?

Who can mint, freeze, pause, upgrade, or govern — as evidence, not a safety score.

ControlPresentControllerEvidenceSource
MintYESProtocol vault / PSM pathsVERIFIED—
FreezeNOUNKNOWNVERIFIED—
BlacklistNOUNKNOWNVERIFIED—
PauseUNKNOWNUNKNOWNUNRESOLVED—
UpgradeUNKNOWNUNKNOWNUNRESOLVED—
GovernanceYESSKY / MKR governanceVERIFIED—

Mint

YES

ControllerProtocol vault / PSM paths

Freeze

NO

ControllerUNKNOWN

Canonical DAI has no address freeze

Blacklist

NO

ControllerUNKNOWN

Pause

UNKNOWN

ControllerUNKNOWN

Upgrade

UNKNOWN

ControllerUNKNOWN

Governance

YES

ControllerSKY / MKR governance

How is the backing independently checked?

Report type matters.

Other

Provider
Unknown
Report
On-chain collateral visibility — not a fiat reserve attestation
Report date
Aug 29, 2026
Covered assets
Shared protocol balance-sheet assets
Covered liabilities
Circulating DAI (+ shared USDS book)
Scope limitation
Not an assurance engagement

Inspect primary evidence

Reserve history

Append-only verified snapshots only. No synthetic series.

Latest verified snapshot

Aug 29, 2026

Sky protocol balance-sheet API (shared Vat with USDS)

11.42B USD · circ 4.60B USD

Current verifiedFresh evidence ≠ safe

What does this stablecoin depend on?

Structural dependencies only.

  • Vat
  • PSM/USDC
  • Oracles
  • Keepers
  • Ethereum

Material history

Verified research-pack events only — not a sensational timeline.

  • Collateral event2020-03-12Black Thursday
  • Banking event2023-03SVB / USDC PSM contagion

Answer-first evidence blocks

What backs DAI?

Shared Sky Vat collateral with USDS (2026-08-29). Do not invent a separate DAI-only reserve pile.

Who issues DAI?

Sky / MakerDAO protocol contracts — no corporate e-money issuer.

Can DAI be frozen?

Canonical DAI has no address freeze per Core-10 research.

Regulatory structure

  • No corporate EMI row for DAI.

Unresolved / open gaps

  • Do not treat DAI reserves as a separate pile from USDS
  • Same architecture as USDS.

Related evidence links

Stablecoin Evidence interface. No safety score. No investment recommendation. Unresolved evidence remains unresolved.