# USDai

> Track USDai's TVL, active loans and market cap with daily on-chain data across 5 chains. Compare USDai with other real-world asset (RWA) issuers. Updated daily.

Source: [USDai on Token Terminal](https://tokenterminal.com/explorer/projects/usdai). This page has no metric values. For current values, use the [Token Terminal API](https://tokenterminal.com/docs/api-reference/introduction) or the [MCP server](https://tokenterminal.com/docs/mcp/introduction).

- Token: CHIP
- Sectors: Real-world asset (RWA) issuers
- Chains: arbitrum, arc, base, ethereum, plasma

## About

### What it is

The project operates an overcollateralized stablecoin (USDai) that generates yield by providing liquidity to emerging AI companies with real-world hardware collateral. Users can stake USDai to earn sUSDai, which provides real yield backed by AI infrastructure investments and can be used across DeFi protocols for additional returns.

### Who uses it

USDai is a decentralized stablecoin protocol developed by Permian Labs that bridges traditional finance with AI infrastructure lending.

### How it works

The protocol utilizes the CALIBER system (Collateralized Asset Ledger: Insurance, Bailout, Evaluation, and Redemption) to tokenize physical hardware collateral into verifiable on-chain assets with enforceable property rights. It operates through bankruptcy-remote SPVs, equity down payments, and FiLo vaults that create multiple lines of defense for token holders, while managing illiquid collateral through market-driven mechanisms like QEV (Queue Extractable Value) rather than first-come-first-served redemptions.

## Metrics

Token Terminal tracks these metrics for USDai daily. Each page has a chart with the full history.

- [Price](https://tokenterminal.com/explorer/projects/usdai/metrics/price)
- [Fully diluted market cap](https://tokenterminal.com/explorer/projects/usdai/metrics/market-cap-fully-diluted)
- [Circulating market cap](https://tokenterminal.com/explorer/projects/usdai/metrics/market-cap-circulating)
- [Token trading volume](https://tokenterminal.com/explorer/projects/usdai/metrics/token-trading-volume)
- [Token turnover (fully diluted)](https://tokenterminal.com/explorer/projects/usdai/metrics/token-turnover-fully-diluted)
- [Token turnover (circulating)](https://tokenterminal.com/explorer/projects/usdai/metrics/token-turnover-circulating)
- [Token holders](https://tokenterminal.com/explorer/projects/usdai/metrics/tokenholders)
- [Circulating supply](https://tokenterminal.com/explorer/projects/usdai/metrics/token-supply-circulating)
- [Total value locked](https://tokenterminal.com/explorer/projects/usdai/metrics/tvl)
- [Active loans](https://tokenterminal.com/explorer/projects/usdai/metrics/active-loans)
- [Outstanding supply](https://tokenterminal.com/explorer/projects/usdai/metrics/outstanding-supply)
- [Active addresses (daily)](https://tokenterminal.com/explorer/projects/usdai/metrics/active-addresses-daily)
- [Active addresses (weekly)](https://tokenterminal.com/explorer/projects/usdai/metrics/active-addresses-weekly)
- [Active addresses (monthly)](https://tokenterminal.com/explorer/projects/usdai/metrics/active-addresses-monthly)
- [Core developers](https://tokenterminal.com/explorer/projects/usdai/metrics/active-developers)
- [Code commits](https://tokenterminal.com/explorer/projects/usdai/metrics/code-commits)
- [Transaction count (contracts)](https://tokenterminal.com/explorer/projects/usdai/metrics/transaction-count-contracts)
- [Gas used](https://tokenterminal.com/explorer/projects/usdai/metrics/gas-used)

## Links

- [twitter](https://twitter.com/USDai_Official)
- [website](https://usd.ai)
- [github](https://github.com/metastreet-labs)
- [telegram](https://t.me/+GTt1NXr9qMNjMDhl)