Dai is the largest decentralized stable currency on Ethereum, developed and managed by MakerDAO, and serves as the infrastructure for decentralized finance (DeFi). Dai is issued with full collateral for on chain assets, anchored 1:1 to the US dollar, with 1 Dai=1 US dollar. Individuals and businesses can obtain safe haven assets and working capital by exchanging or borrowing Dai as collateral. Dai has already been applied in mortgage loans, margin trading, international transfers, supply chain finance, and other fields.