What is Dai (Bank Dollar Loan)?
What is Dai? Dai is a type of cryptocurrency that allows borrowers to obtain fi
What is Dai? Dai is a type of cryptocurrency that allows borrowers to obtain fixed-rate loans at relatively low prices. Since the assets are pledged through credit trusts, the money lent to these institutions is in US dollars or euros. This means that borrowers can receive interest or withdraw funds when borrowing. Hence, it is considered one of the safest choices, as in the event of default risk in a particular place, a certain proportion of high fees must be paid to resolve the issue.
Dai is a digital cash driven by blockchain technology, with fundamental differences from traditional fiat currencies. In the traditional fiat system, individuals cannot use a basket of currencies to repay what they owe in their own country. However, with the development and changes in the economy, other methods can also be used for purchases, such as using stablecoins as collateral and converting bond and other asset holdings into alternative assets to maximize returns (i.e. borrowing more funds through collateral) and generate new income sources (such as stocks) for the debtors.
Bank Dollar Loan
Bank Dollar Loan is a program aimed at creating long-term value for customers. This agreement allows the Federal Reserve Bank of America to obtain stablecoin deposits. According to a report released by the Department of Financial Services in New York, this business is expected to be completed within the next few months and will continue until the end of 2020 (CoinDesk).
It has been reported that these lending institutions provide credit limits for Bitcoin and other cryptocurrencies to individuals and businesses in the form of cash or USDC, including collateral for paying interest or margin.
In addition, they will also use their funds to develop other functions, such as decentralized autonomous organizations (DAO), and create a government-supported “digital asset wallet”.
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