{"id":29249,"date":"2020-09-27T10:09:23","date_gmt":"2020-09-27T07:09:23","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=29249"},"modified":"2025-08-27T15:55:24","modified_gmt":"2025-08-27T12:55:24","slug":"opinion-dai-at-risk-from-centralised-stablecoins-as-collateral","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opinion-dai-at-risk-from-centralised-stablecoins-as-collateral\/","title":{"rendered":"Opinion: DAI at risk from centralised stablecoins as collateral"},"content":{"rendered":"<p>The stablecoin DAI is 40% collateralised by centralised assets \u2014 USDC, WBTC, TUSD and PAX, according to observations by <a href=\\\"https:\/\/www.theblockcrypto.com\/linked\/78864\/centralized-assets-now-constitute-40-of-makerdaos-vault\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">The Block<\/a>.<!--more--><\/p>\n<p>\\n<\/p>\n<p>In addition to Ethereum, the assets backing DAI include:<\/p>\n<p>\\n<\/p>\n<ul>\\n<\/p>\n<li>USDC \u2014 the stablecoin from the Centre consortium, which includes Circle and Coinbase;<\/li>\n<p>\\n<\/p>\n<li>The Bitcoin-backed token WBTC, backed by crypto custodian BitGo;<\/li>\n<p>\\n<\/p>\n<li>Stablecoins TUSD from TrustToken and PAX from Paxos Standard.<\/li>\n<p>\\n<\/ul>\n<p>\\n<\/p>\n<p>These four centralised assets account for 39.27% of DAI&#8217;s collateral.<\/p>\n<p>\\n<\/p>\n<div id=\\\"attachment_111387\\\" style=\\\"width: 717px\\\" class=\\\"wp-caption aligncenter\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" aria-describedby=\\\"caption-attachment-111387\\\" class=\\\"wp-image-111387 size-full\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/MakerDAO-1.png\\\" alt=\\\"\u041c\u043d\u0435\u043d\u0438\u0435: DAI \u043f\u043e\u0434\u0432\u0435\u0440\u0436\u0435\u043d \u0440\u0438\u0441\u043a\u0443 \u0438\u0437-\u0437\u0430 \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0435\u043d\u0438\u044f \u0446\u0435\u043d\u0442\u0440\u0430\u043b\u0438\u0437\u043e\u0432\u0430\u043d\u043d\u044b\u043c\u0438 \u0441\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d\u0430\u043c\u0438\\\" width=\\\"707\\\" height=\\\"423\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/MakerDAO-1.png 707w, https:\/\/u1f987.com\/wp-content\/uploads\/MakerDAO-1-300x179.png 300w\\\" sizes=\\\"auto, (max-width: 707px) 100vw, 707px\\\" \/><\/p>\n<p id=\\\"caption-attachment-111387\\\" class=\\\"wp-caption-text\\\">Source: The Block.<\/p>\n<\/div>\n<p>\\n<\/p>\n<p>Some experts believe that such a collateral structure for DAI carries centralisation risks.<\/p>\n<p>\\n<\/p>\n<blockquote>\n<p>\\&#8221;How long would it take to liquidate these 40% by court order, if there were weighty grounds (financing terrorism\/climate-change research or any other reason Uncle Sam dislikes)?\\&#8221; asks HOPR founder Sebastian B\u00fcrgel.<\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p>MakerDAO \u2014 the protocol that allows users to generate DAI \u2014 a synthetic stablecoin, initially backed only by Ethereum (ETH).<\/p>\n<p>\\n<\/p>\n<p>In November 2019, MakerDAO introduced a multisignature version of DAI. This step opened the possibility of using a range of crypto assets as collateral for the stablecoin.<\/p>\n<p>\\n<\/p>\n<p>DAI ranks third in its segment after Tether and USD Coin by market share. Its capitalization approaches $1 billion.<\/p>\n<p>\\n<\/p>\n<div id=\\\"attachment_111388\\\" style=\\\"width: 1081px\\\" class=\\\"wp-caption aligncenter\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" aria-describedby=\\\"caption-attachment-111388\\\" class=\\\"size-full wp-image-111388\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/stable.png\\\" alt=\\\"\u041c\u043d\u0435\u043d\u0438\u0435: DAI \u043f\u043e\u0434\u0432\u0435\u0440\u0436\u0435\u043d \u0440\u0438\u0441\u043a\u0443 \u0438\u0437-\u0437\u0430 \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0435\u043d\u0438\u044f \u0446\u0435\u043d\u0442\u0440\u0430\u043b\u0438\u0437\u043e\u0432\u0430\u043d\u043d\u044b\u043c\u0438 \u0441\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d\u0430\u043c\u0438\\\" width=\\\"1071\\\" height=\\\"245\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/stable.png 1071w, https:\/\/u1f987.com\/wp-content\/uploads\/stable-300x69.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/stable-1024x234.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/stable-768x176.png 768w\\\" sizes=\\\"auto, (max-width: 1071px) 100vw, 1071px\\\" \/><\/p>\n<p id=\\\"caption-attachment-111388\\\" class=\\\"wp-caption-text\\\">Data: Messari.<\/p>\n<\/div>\n<p>\\n<\/p>\n<p>The total market capitalization of the stablecoin segment currently exceeds $20 billion.<\/p>\n<p>\\n<\/p>\n<div id=\\\"attachment_111389\\\" style=\\\"width: 1588px\\\" class=\\\"wp-caption aligncenter\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" aria-describedby=\\\"caption-attachment-111389\\\" class=\\\"size-full wp-image-111389\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/stable2.png\\\" alt=\\\"\u041c\u043d\u0435\u043d\u0438\u0435: DAI \u043f\u043e\u0434\u0432\u0435\u0440\u0436\u0435\u043d \u0440\u0438\u0441\u043a\u0443 \u0438\u0437-\u0437\u0430 \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0435\u043d\u0438\u044f \u0446\u0435\u043d\u0442\u0440\u0430\u043b\u0438\u0437\u043e\u0432\u0430\u043d\u043d\u044b\u043c\u0438 \u0441\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d\u0430\u043c\u0438\\\" width=\\\"1578\\\" height=\\\"735\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/stable2.png 1578w, https:\/\/u1f987.com\/wp-content\/uploads\/stable2-300x140.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/stable2-1024x477.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/stable2-768x358.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/stable2-1536x715.png 1536w\\\" sizes=\\\"auto, (max-width: 1578px) 100vw, 1578px\\\" \/><\/p>\n<p id=\\\"caption-attachment-111389\\\" class=\\\"wp-caption-text\\\">Data: Messari.<\/p>\n<\/div>\n<p>\\n<\/p>\n<p>In this segment, USDT from Tether leads by a wide margin. Its share among all stablecoins exceeds 75%.<\/p>\n<p>\\n<\/p>\n<blockquote class=\\\"wp-embedded-content\\\" data-secret=\\\"qAeedhqK25\\\">\n<p>The foundation of DeFi and fuel for Ponzi schemes: how stablecoins affect the cryptocurrency market<\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p><iframe loading=\\\"lazy\\\" class=\\\"wp-embedded-content\\\" sandbox=\\\"allow-scripts\\\" security=\\\"restricted\\\" style=\\\"position: absolute; visibility: hidden;\\\" title=\\\"\u201c\u041e\u0441\u043d\u043e\u0432\u0430 DeFi \u0438 \u0442\u043e\u043f\u043b\u0438\u0432\u043e \u0434\u043b\u044f \u0441\u0445\u0435\u043c \u041f\u043e\u043d\u0446\u0438: \u043a\u0430\u043a \u0441\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d\u044b \u0432\u043b\u0438\u044f\u044e\u0442 \u043d\u0430 \u0440\u044b\u043d\u043e\u043a \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442\u201d \u2014 ForkLog\\\" src=\\\"https:\/\/u1f987.com\/exclusive\/osnova-defi-i-toplivo-dlya-shem-pontsi-kak-stejblkoiny-vliyayut-na-rynok-kriptovalyut\/embed#?secret=zWW75ANcKR#?secret=qAeedhqK25\\\" data-secret=\\\"qAeedhqK25\\\" width=\\\"500\\\" height=\\\"282\\\" frameborder=\\\"0\\\" marginwidth=\\\"0\\\" marginheight=\\\"0\\\" scrolling=\\\"no\\\"><\/iframe><\/p>\n<p>\\n<\/p>\n<p>In March this year, Maker Foundation members approved USDC as collateral.<\/p>\n<p>\\n<\/p>\n<p>Subscribe to ForkLog&#8217;s YouTube channel on <a href=\\\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The stablecoin DAI is 40% collateralised by centralised assets \u2014 USDC, WBTC, TUSD and PAX, according to The Block&#8217;s analysis.<\/p>\n","protected":false},"author":1,"featured_media":29250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1099,130,1100,807],"class_list":["post-29249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dai","tag-decentralization","tag-makerdao","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=29249"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29249\/revisions"}],"predecessor-version":[{"id":29251,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29249\/revisions\/29251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/29250"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=29249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=29249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=29249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}