Coinbase adds support for DAI stablecoin

23 May, 2019 | Updated: 24 May, 2019
by David Robb
Exchange
Coinbase adds support for DAI stablecoin

The DAI stablecoin is the latest token to be listed on top crypto platform Coinbase. Part of the MakerDAO eco-system, DAI can be bought, sold, sent, and received by retail customers outside the state of New York.

In the blogpost announcing the listing, Coinbase doesn't give a reason why DAI "will not initially be available for residents of the state of New York", but it is likely related to the state's stricter regulatory guidelines. The New York Department of Financial Services has previously denied its so-called  'BitLicense' to the Bittrex exchange, amongst other crypto companies.

DAI is a dollar-pegged crypto. Unlike other stablecoins, it doesn't have a reserve of fiat currency to maintain its peg. Instead, it relies on the Maker (MKR) network to ensure its price stability. Borrowers put down collateral in Ethereum (ETH) in order to take out DAI loans, and MKR is used for governance of the whole eco-system. A key part of the process is the stability fee, which is paid in MKR or DAI and acts as a kind of interest rate on the loan.

DAI has been available for Coinbase Pro users since December. It is now available on the regular version of the website, as well as the app for iOS and Android devices.

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