MAI (MIMATIC)USD

MAI (ticker: MIMATIC) is a decentralized, over-collateralized stablecoin soft-pegged to the U.S. dollar, issued by the QiDao Protocol (also known as Mai Finance). The protocol launched in May 2021, with MAI first deployed on the Polygon network. Development is attributed to a pseudonymous developer known as 0xlaozi, and there is no widely documented formal company behind the project. MAI is an ERC-20 token minted through collateralized debt position vaults. Users lock approved crypto assets (such as MATIC) into non-custodial smart contracts to borrow MAI at zero percent interest, paying only a small fee on repayment. The protocol does not operate its own base-layer blockchain and relies on the consensus mechanisms of the networks where it is deployed, including Polygon. MAI functions as a USD-pegged medium of exchange and borrowable asset within DeFi. It is used across lending platforms, liquidity pools, and token swaps. Governance is handled separately by the protocol's Qi token. MAI has no fixed maximum supply; circulating supply expands or contracts as users mint against or repay collateral, and total circulation sits in the tens of millions of tokens. The protocol lets users access dollar-denominated liquidity without selling their underlying crypto collateral.