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.
| Symbol | MAI |
| Peg | USD |
| Backing | Crypto backed |
| Status | Active |
| Networks | L1 EVM Polygon L2 Base |
| Specifications | 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. unverified |
| Use cases | DeFi collateral, Trading |
| Depeg history | Date 2023-10-14 · Low price 0.72 · Cause Bad-debt and collateral-backing stress linked to the Multichain bridge collapse and Fantom-related MAI exposure unverified |
| Chain | Address |
|---|---|
| Aurora | 0xdfa46478f9e5ea86d57387849598dbfb2e964b02 |
| Boba | 0x3f56e0c36d275367b8c502090edf38289b3dea0d |
| Celo | 0xb9c8f0d3254007ee4b98970b94544e473cd610ec |
| Harmony Shard 0 | 0x3f56e0c36d275367b8c502090edf38289b3dea0d |
| IoTeX | 0x3f56e0c36d275367b8c502090edf38289b3dea0d |
| Klay Token | 0x3f56e0c36d275367b8c502090edf38289b3dea0d |
| Metis Andromeda | 0xdfa46478f9e5ea86d57387849598dbfb2e964b02 |
| Milkomeda Cardano | 0xb9c8f0d3254007ee4b98970b94544e473cd610ec |
| Moonbeam | 0xdfa46478f9e5ea86d57387849598dbfb2e964b02 |
| Moonriver | 0x7f5a79576620c046a293f54ffcdbd8f2468174f1 |
| Polygon PoS | 0xa3fa99a148fa48d14ed51d610c367c61876997f1 |
| Syscoin | 0x2611fa1cae2a3e20ed47fb1b293437c14f41b00f |
| xDai | 0x3f56e0c36d275367b8c502090edf38289b3dea0d |
## 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.