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by jay-barronville
500 days ago
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> How do you audit that the issuer is printing coins backed 1-to-1 by USD reserves? You’re asking the wrong question, since DAI isn’t backed 1:1 by USD reserves like fiat-backed stablecoins (e.g., USDC). It’s a decentralized crypto-collateralized stablecoin—it’s backed by a variety of assets, including cryptocurrencies and real-world assets, with mechanisms to ensure over-collateralization. I’m on mobile and it’d take forever to explain the entire protocol to you here, so I recommend you read the white paper [0] if you’re interested in understanding how it all works. [0]: https://makerdao.com/en/whitepaper/ |
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