Decoding DAI: exploring collateral evolution and price dynamics
研究了DAI稳定币抵押品从纯加密资产转向法币稳定币和现实资产的过程，分析了抵押品结构变化对价格波动的影响，指出其混合属性和两种权衡，适合关注稳定币运行机制与风险的读者。
DAI is the world’s largest stablecoin that is not fully backed by fiat assets. Its collateral structure has evolved from pure crypto-backing to a diversified composition including fiat-backed stablecoins and real-world assets (RWA). At its peak, more than 60% of DAI was backed by US Treasury bills held in custody at commercial banks. An analysis of changes in DAI’s collateral and their effect on price dynamics highlights its current hybrid status, bridging crypto and fiat systems. We identify two trade-offs. First, while fiat-backed stablecoin collateral reduces volatility by relaxing limits to arbitrage, greater reliance on this type of collateral introduces run risk, as seen during the March 2023 banking crisis. Second, a higher share of RWA collateral is associated with increased volatility and greater arbitrage frictions.