Recent on-chain portfolio rebalancing by major DAI holders demonstrates strong institutional recognition of its liquidity and risk-hedging attributes, with the price steadily moving within a narrow 0.9953–1.0039 range and an extremely low redemption risk. Although the USDS rebranding and S&P’s B- rating temporarily dampen allocation interest, in the medium to long term, DAI’s reliance on decentralized governance and risk isolation mechanisms continues to offer institutional expansion potential. Current strategy recommendation: maintain a wait-and-see approach in the short term, focus on liquidity changes and policy signals, keep DAI allocations within 10% of total stable assets, and consider increasing exposure only after regulatory clarity and improvement in credit ratings.

In recent days, on-chain whales and core institutions have been adjusting their positions by selling and replenishing stablecoins. A DeFi whale repaid over 4 million DAI loans before an anticipated easing of geopolitical tensions and transferred WBTC collateral to Binance; shortly thereafter, the Ethereum Foundation cumulatively sold around 5,417 ETH in two batches for more than 10.24 million DAI. These actions reflect major participants’ demand for DAI’s high liquidity and indicate that, during market volatility windows, institutions are inclined to use DAI as a tool to mitigate price risks and improve capital efficiency.

A DeFi whale sold 264.4 WBTC (worth $17.98 million) before the US-Iran ceasefire proposal was announced. Hours later, after the ceasefire news, BTC rose by 5%, causing the whale to miss an additional $1 million in potential gains. The whale repaid a 4.14 million DAI loan and withdrew the WBTC collateral before transferring it to Binance at a BTC price of $67,990.

A certain whale sold 264.4 WBTC before the US-Iran ceasefire proposal was reached, missing out on an additional $1 million in profits.

On April 8, the Ethereum Foundation sold 416.67 ETH for 933,300 DAI, according to on-chain analyst Onchain Lens.

Ethereum Foundation sold 416.67 ETH for 933,300.00 DAI

On April 11, the Ethereum Foundation completed the sale of 5,000 ETH at $2,221 each, converting them into 11.1 million DAI. This transaction, monitored by Onchain Lens, follows the Foundation's April 8 announcement to convert 5,000 ETH into stablecoins using CoWSwap's TWAP function to support funding for research, development, grants, and donations.

Ethereum Foundation completes 5,000 ETH sale plan

On the daily chart, DAI’s price has remained within a 0.9953 to 1.0039 range since the beginning of the month with extremely narrow amplitude, and the largest intraday fluctuation has been less than 0.5%. Against the backdrop of last week’s broad recovery in global stocks and digital assets, DAI’s brief depegging pressure was quickly resolved, with virtually no risk of premium or discount. Trading volume experienced short-lived increases around macro risk events and market confidence rebounds, but soon returned to average daily levels, further confirming DAI's anchoring capability and risk control value in volatile market conditions.

U.S. stock indices surged 2%, with the semiconductor index hitting a new high; oil prices experienced the largest daily drop since the pandemic, gold and silver spiked then retreated, and the dollar gave back its gains for the year.  
Iran stated that the ceasefire and other truce terms in Lebanon have been violated, undermining the "basis for negotiations." The White House announced that the first round of U.S.-Iran talks will be held in Pakistan on the 11th. Vance said Israel has expressed willingness to "exercise restraint" in Lebanon to ensure the "success of the current negotiations."  
Trump said the U.S. will discuss sanction relief with Iran and threatened to impose a 50% tariff on countries supplying weapons to Iran.  
Trump believes China is pushing Iran to participate in ceasefire talks; the Chinese Ministry of Foreign Affairs responded.  
Federal Reserve meeting minutes: The Iran war presents dual risks; many officials worry about worsening inflation and the possibility of interest rate hikes.  
Anthropic’s new breakthrough! Claude’s management agent will increase build and deployment speed by 10 times.  
Meta released its first major AI model, Muse Spark, with its stock price rising as much as 9.5%.  
Dell CEO: AI memory demand will surge 625 times, and supply shortages will persist for several years.

Wall Street Breakfast | April 9, 2026.

According to SoSoValue data, rising expectations of a US-Iran agreement have boosted market confidence, leading to widespread gains in the crypto market. The DeFi sector led with a 5% increase, including Hyperliquid (7.06%), Lido DAO (9.94%), and Aave (10.75%). Bitcoin rose 4.51% to surpass $74,000, while Ethereum gained 7.56%, breaking above $2,300.

The crypto market is broadly rising, with the DeFi sector leading gains at 5%, and BTC breaking through $74,000.

Binance recently completed the rebranding of the original DAI token, upgrading it to USDS, and will soon launch USDS trading pairs with BTC, ETH, and USDT. This move creates competitive pressure on DAI’s secondary market liquidity. Meanwhile, S&P Global assigned DAI and its derivatives a B- rating, akin to high-risk sovereign debt. In the short term, these developments restrain institutional allocation and weaken DAI's relative appeal; however, in the long term, the industry may refine credit structure for institutional investors through financial engineering such as tiered rights and risk isolation.

On April 09, Binance completed the Dai (DAI) token swap and rebranded it to USDS (USDS). The exchange has enabled deposit and withdrawal services for USDS tokens. Trading for BTC/USDS, ETH/USDS, and USDS/USDT spot pairs will begin on April 09, 2026, at 16:00 (UTC+8).

Binance Completes Dai (DAI) Token Swap and Upgrade to USDS (USDS)

S&P Global Ratings assigned a B- credit rating to DeFi lender Sky's USDS and DAI stablecoins, equating them with the Democratic Republic of Congo's government bonds, considered junk bonds. To attract institutional investors, Sky and its subDAO Spark plan to repackage debt, isolate high-risk yield sources, and launch a junior capital vault. Improving credit ratings is becoming crucial for DeFi protocols to draw traditional financial capital.

After its transformation, MakerDAO received a B- credit rating, on par with Congo sovereign bonds.

The U.S. Council of Economic Advisers’ assessment of banning interest payments on stablecoins shows that potential costs far outweigh expected benefits: major stablecoin reserves still flow into U.S. Treasuries and circulate within the banking system, with minimal impact on total bank loans and deposits. This suggests regulators need to weigh stablecoin interest constraints carefully, or risk prompting users to reassess stablecoin attributes and investment paths. Overall, the regulatory environment remains moderate; as a representative of decentralized stablecoins, DAI’s compliance and transparency advantages are expected to become more prominent once policies stabilize.

The White House Economic Advisory Council (CEA) challenged the claim that banning stablecoin interest payments would protect $1.5 trillion in bank loans, estimating the impact at only $2.1 billion. Most stablecoin reserves are invested in U.S. Treasury bonds, circulating within the banking system rather than reducing total deposits. The ban’s cost outweighs benefits, potentially harming stablecoin users and U.S. Treasury demand, with minimal effect on bank lending capacity.

The White House did the math: How much more can banks lend if stablecoin interest is banned?

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

Fed's Daly: Rates May Remain Unchanged

Daly: The federal funds rate is slightly above the neutral level of 3%.

UBS Expects 50 bps Fed Rate Cuts as Gov Miran Downplays Inflation Risks

Federal Reserve's Daly: On hold regarding interest rates.

Easing tensions in the Middle East combined with rising expectations of interest rate cuts have pushed gold close to $4,900.

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