Japanese cryptocurrency exchange bitFlyer lists its first stablecoin: DAI

bitFlyer will list Dai (DAI) on bitFlyer Buy/Sell from today, Monday, February 19th, 2024.

DAI is a stablecoin with a target value of 1 DAI = 1 U.S. dollar. Its greatest feature is its value stability. It has controls in place that aim at reducing the chance of significant price fluctuations compared to conventional crypto assets, making it suitable for use in daily transactions and as a means of storing assets. It is particularly convenient as a means of international money transfer and settlement, making it an ideal choice for customers seeking stable value. However, there is no underlying asset to guarantee the value of 1 DAI = 1 U.S. dollar, and the price of DAI is determined by the supply and demand in the market. Thus, the price may fall significantly below the target price due to market fluctuations and other factors.

bitFlyer will continue to actively increase the number of new crypto assets in its service to provide customers with more investment options and opportunities to participate in web3.

On February 15, 2024, bitFlyer added ApeCoin (APE) and Chiliz (CHZ) on Buy/Sell.

This article is part of our Tokyo FinTech Publication, please follow us to read more from our writers, like hundreds of readers do every day. Please also register for our short weekly digest, the “Japan FinTech Observer”, on Medium or on LinkedIn.

Should you live in Tokyo, or just pass through, please also join our Tokyo FinTech Meetup. In any case, our YouTube channel and LinkedIn page are there for you as well.