MAI is a USD-pegged stablecoin minted through overcollateralized debt positions in QiDao vaults and through the Peg Stability Module. QiDao documentation states that MAI is backed by decentralized tokens and is not algorithmic.
Key Data
| Backing | Decentralized token collateral deposited into overcollateralized QiDao vaults; Approved stablecoins deposited into the Peg Stability Module |
| Auditor | Bramah Systems; Cloakwire |
| Redemption | The Peg Stability Module allows users to mint or redeem MAI at a fixed 1:1 rate against approved stablecoins. Redemptions enter a public three-day withdrawal queue and are subject to redemption fees. |
| Peg Currency | USD |
Supported Networks
Depeg History
| Date | Low Price | Duration | Cause |
|---|---|---|---|
| 2023-10-14 | $0.7200 | — | Bad-debt and collateral-backing stress linked to the Multichain bridge collapse and Fantom-related MAI exposure |
Use Cases
Overview
MAI is a USD-pegged stablecoin minted through overcollateralized debt positions in QiDao vaults and through the Peg Stability Module. QiDao documentation states that MAI is backed by decentralized tokens and is not algorithmic.
Key Features
- Overcollateralized vault-based minting
- DAO-governed collateral and parameter changes
- Peg Stability Module for 1:1 minting and redemption against approved stablecoins
- Base and Polygon fully live while legacy deployments are wound down
Reserve Backing
Decentralized token collateral deposited into overcollateralized QiDao vaults; Approved stablecoins deposited into the Peg Stability Module.
Supported Networks
Available on Polygon, Base.
Recent Activity
- 2023-10-14DepegBad-debt and collateral-backing stress linked to the Multichain bridge collapse and Fantom-related MAI exposure
Other USD Stablecoins
Profile compiled from issuer disclosures, regulatory filings, press releases, and financial media. Market and on-chain data sourced directly or via third-party providers. See methodology.