MAI is the brainchild of Qidao protocol, representing a stablecoin backed by collateral, and can only be minted with collateral backing it. MAI is created when users deposit accepted tokens (currently WGLMR & xSTELLA) as collateral in vaults and in turn receive a loan against that collateral. MAI is soft pegged to the USD, meaning that 1 MAI is around 1 USD.