About MAI (Avalanche)

MAI, originally launched as miMATIC, is QiDao's overcollateralized dollar stablecoin. It is borrowed against deposited crypto collateral across many chains and redeemable through the protocol's vaults, which is what anchors it to a dollar. The polygon deployment still carries the old miMATIC symbol on-chain. This Avalanche deployment is a legacy market that QiDao has wound down. It is minted independently of the other chains with no bridge between them, and trades far below a dollar.