Dai is the largest decentralized stablecoin on Ethereum, developed and managed by MakerDAO, and is the infrastructure of decentralized finance (DeFi). Dai is issued by the full collateral of the assets on the chain, and is stabilized 1:1 with the U.S. dollar, 1Dai=1 U.S. dollar. Individuals and businesses can obtain safe-haven assets and liquidity by exchanging or collateralizing Dai. Dai has already implemented applications in collateral loans, margin trading, international transfers, and supply chain finance.