Dai (CRYPTO:DAI) is a decentralized stablecoin created by MakerDAO. It is backed by Ethereum and MakerDAO's smart contracts and is collateralized by ETH. Dai is the first decentralized stablecoin to be issued on Ethereum and is fully compliant with the ERC20 standard. Dai was launched in December 2017 and has since become one of the most widely used stablecoins. It was designed to be used in a variety of applications, including payments, remittances, wealth preservation, and hedging against volatility. Dai has also been used in a variety of financial products, such as lending, derivatives, and insurance. It has also been used to facilitate cross-border payments as well as provide liquidity for DeFi protocols. Dai is now accepted as a form of payment in a growing number of merchants and venues.