The Dai is a stable token from the Maker project which is basically the bitUSD token equivalent for the Ethereum blockchain and I understand it is backed by ETH as collateral. My TODO list has it near the top to investigate as a place to park some crypto wealth now that SBD has become speculative. Stay tuned because I will probably write about it soon.
The Dai is likely to be the biggest competitor to SBD as a stable token going forward.
Looking forward to it.
Speaking of this, I was thinking about taking some SBD and parking it in bitUSD. Then I realized I'm not sure if that's any different than any current holdings I have on the USD, so maybe I should just buy steem with it :). But supposing I wanted a USD token, why not bitUSD?
I like bitUSD too though the liquidity is not great there and the underlying collateralised asset (BTS) is more volatile so the black swan event risk is higher. With ETH having more stability and more liquidity I think Dai could really be a winner.
That said, I'd prefer the collateral underneath the peg be something value producing like the STEEM Reward Pool rather than a raw crypto, but I'm one who will take the best stable coin on the market at the time. That looks to me like it will be Dai.