DAI still exists, but fewer exchanges sell it than a year ago. Sky, the protocol formerly known as MakerDAO, launched USDS in 2024 as DAI’s successor, and the two convert 1:1 in either direction. In 2026, Binance converted customers’ DAI to USDS, Coinbase switched off DAI trading, and Binance.US delisted it. So how to buy DAI today? Kraken and Gemini still list it as of October 2026. Otherwise, you swap for it on a decentralised exchange or convert USDS back to DAI yourself.
Key takeaways
- Decide first whether you really need DAI. Most centralised exchanges now support USDS, Sky’s upgraded stablecoin, instead.
- As of October 2026, Kraken (DAI/USD, DAI/EUR, DAI/USDT) and Gemini (DAI/USD) still list DAI.
- On Ethereum, swapping USDC for DAI on Uniswap or Curve is the most common on-chain route.
- DAI on layer-2 networks is a bridged version, and Gnosis Chain’s xDAI is bridged DAI used as gas.
- Under the US GENIUS Act and the EU’s MiCA, DAI has no licensed issuer, which limits where regulated platforms can offer it.
DAI or USDS? Decide what you’re buying
DAI is a decentralised, crypto-collateralised stablecoin designed to track the US dollar. Our DAI explainer covers how its peg works. In 2024, MakerDAO rebranded as Sky and launched USDS. Sky’s converter lets anyone swap DAI for USDS, or USDS for DAI, at exactly 1:1. Both still circulate, but exchanges and Sky’s own incentives have moved towards USDS. For the governance history behind the rename, see our MakerDAO guide.
| DAI | USDS | |
|---|---|---|
| Issuer / protocol | Sky (formerly MakerDAO) | Sky |
| Conversion | 1:1 to USDS via Sky’s converter | 1:1 to DAI via Sky’s converter |
| Savings wrapper | sDAI (Dai Savings Rate) | sUSDS (Sky Savings Rate) |
| Major exchange support, Oct 2026 | Shrinking: Kraken and Gemini still list it | Growing: Binance, Coinbase, Kraken, OKX and others |
Reasons to want DAI specifically: a DeFi app or vault you use only accepts DAI, you hold sDAI and want to stay in the older savings wrapper, or you’re repaying a DAI-denominated loan. If none of those apply, USDS or another stablecoin may be simpler to buy. Our stablecoin comparison weighs the options.
Exchanges that still list DAI
We checked each exchange’s own public market data in October 2026, along with their 2026 announcements.
| Exchange | DAI status, October 2026 |
|---|---|
| Kraken | Listed: DAI/USD, DAI/EUR, DAI/USDT, plus ETH/DAI and BTC/DAI |
| Gemini | Listed: DAI/USD |
| Binance | DAI pairs closed. Balances were converted 1:1 to USDS, and USDS spot pairs opened on 9 April 2026. |
| Coinbase | DAI trading switched off in May 2026 and balances converted to USDS. In August 2026, Coinbase also ended DAI deposits and withdrawals on Avalanche, Arbitrum and Optimism. |
| Binance.US | Delisted DAI on 27 May 2026. |
| Crypto.com | Supported the DAI-to-USDS swap in April 2026. No DAI market on its exchange in our check. |
If you want to buy DAI on a centralised exchange, choose based on whether the platform serves your region, whether it lets you withdraw DAI on Ethereum mainnet, and the spread on the DAI pair. Stablecoin pairs usually trade very close to $1, so a quote far from that is a warning sign.
How to buy DAI on a DEX
Most DAI changes hands on-chain. Starting from a self-custody wallet such as MetaMask holding ETH or USDC:
- Uniswap: swap USDC or ETH for DAI. Stablecoin-to-stablecoin pools usually have the tightest pricing.
- Curve: built for swaps between stablecoins, with deep DAI/USDC/USDT liquidity on Ethereum.
- Aggregators such as CoW Swap or 1inch: route your order across several pools.
- Sky’s converter: if you can buy USDS more easily, for example on Binance or Coinbase, withdraw it to your wallet and convert it to DAI 1:1 in the Sky app. You pay only gas.
The peg stability module. Sky also runs a peg stability module that swaps USDC for DAI or USDS at a fixed 1:1 rate, with a fee set by governance that has often been zero. Unlike a DEX pool, it has no slippage, so for large stablecoin conversions it can beat Uniswap or Curve. It also explains why a meaningful share of DAI’s backing is USDC. DAI is decentralised in how it is issued, but part of its stability depends on a centralised stablecoin, a trade-off covered in depth in our stablecoin guides. Some wallet interfaces and aggregators route through the module automatically when it gives the best price.
Before swapping, check the DAI contract address against Sky’s documentation or a reputable token list, set a low slippage limit (stable pairs rarely need more than a fraction of a percent), and allow for Ethereum mainnet gas. On mainnet, a swap plus the token approval can cost more than the price difference for small amounts.
Minting DAI yourself (and the liquidation risk)
DAI was originally created by borrowing it against collateral, and that route still exists through Sky’s vaults (formerly Maker vaults). You lock collateral such as ETH, generate DAI or USDS up to a set fraction of the collateral’s value, and later repay what you borrowed plus a stability fee to unlock it.
- Overcollateralisation: each collateral type has a minimum collateral ratio. You can’t borrow close to 100% of your deposit’s value.
- Liquidation: if your collateral’s value falls below the required ratio, the vault is liquidated. Your collateral is auctioned to repay the debt, and a liquidation penalty is charged. A sharp ETH drop overnight can trigger this before you react.
- Stability fee: interest that builds up on the borrowed amount. Rates are set by Sky governance and change over time.
- Complexity: this is an advanced, leveraged position. Minting to “buy” DAI makes sense only if you also want a loan against assets you plan to keep.
DAI across chains: Ethereum, L2s and Gnosis
DAI’s native home is Ethereum. Versions on other networks are bridged, meaning they’re backed by DAI locked in a bridge contract:
- Arbitrum, Optimism, Base, Polygon: bridged DAI. It’s cheap to move, but depends on the bridge. As noted above, Coinbase stopped supporting DAI on Arbitrum, Optimism and Avalanche in August 2026. Always check the receiving platform’s network list before sending.
- Gnosis Chain: its gas token, xDAI, is DAI bridged from Ethereum. Holding xDAI means holding DAI on another chain, and you spend it as transaction fees there.
If you end up holding bridged DAI on a layer 2 and want USDS instead, or the reverse, check whether the Sky app supports conversion on that network before you bridge anything. If it doesn’t, bridging back to Ethereum mainnet first is the reliable route, at the cost of mainnet gas.
On savings, sDAI wraps DAI to earn the Dai Savings Rate, and sUSDS wraps USDS to earn the Sky Savings Rate. Rates are set by Sky governance and change, so check the live figure in the Sky app before depositing. Our guide to earning interest on stablecoins compares DeFi and exchange options.
Regulation: MiCA, the GENIUS Act and DAI
This section is general information, not legal advice.
- United States: The GENIUS Act, signed on 18 July 2025, creates a licensing framework for payment stablecoin issuers, and its main requirements phase in over the following period. DAI has no licensed issuer. It’s produced by smart contracts that Sky governance controls, so it doesn’t fit the “permitted payment stablecoin” model. Regulated US platforms have been shrinking DAI support. Owning DAI isn’t prohibited.
- European Union: Under MiCA, exchanges may offer only stablecoins from authorised issuers to EU customers. In early 2025, Binance and Crypto.com removed DAI for European users alongside other non-compliant stablecoins. MiCA’s transitional period for existing crypto firms ended on 1 July 2026, so expect fewer EU venues for DAI.
For guides to other assets, including the regulated stablecoins, start at our how to buy crypto hub.
FAQ
Does DAI still exist after USDS launched?
Yes. DAI still circulates and keeps its dollar peg, and Sky’s converter swaps DAI and USDS 1:1 in either direction. What changed is support. Binance, Coinbase and Binance.US moved customers from DAI to USDS in 2026. DeFi protocols on Ethereum still use DAI widely, and Kraken and Gemini still list it.
Where can I buy DAI stablecoin in 2026?
As of October 2026, Kraken and Gemini list DAI against the US dollar. Otherwise, buy USDC or USDS on any major exchange, withdraw it to a self-custody wallet, and swap on Uniswap or Curve, or convert USDS to DAI in the Sky app. Check that you’re using Ethereum mainnet unless you deliberately want bridged DAI.
How do you mint DAI?
Open a vault on Sky, deposit accepted collateral such as ETH, and generate DAI or USDS up to the allowed ratio. You pay a variable stability fee. If your collateral’s value falls below the required ratio, it’s liquidated with a penalty. Minting suits people who want a loan against crypto they plan to keep, not first-time buyers.
What is the sDAI savings rate?
sDAI is a token you receive for depositing DAI into the Dai Savings Rate contract. Its value grows as the savings rate accrues. Sky governance sets the rate,. Separately, the Sky Savings Rate pays holders of sUSDS. Check the live rates in the Sky app, because they change over time.
Crypto is volatile and risky; this is education, not financial advice. Do your own research.
