MAI (Cronos) wallet

What is MAI (Cronos) (MIMATIC)?

What this token is

MAI is a dollar-pegged stablecoin that users mint for themselves: crypto collateral goes into a vault, MAI is borrowed against it, and the tokens are destroyed when the loan is repaid. Its collateral is other crypto held above the amount issued, so the peg rests on liquidation rules and arbitrage, not on a reserve account. The symbol miMATIC is a leftover from the stablecoin's first home on Polygon and says nothing about this deployment.

What is specific about the Cronos version

Cronos is an EVM chain, so MAI here is a standard token at a 0x address, and CRO pays the gas on every transfer. The awkward part is that MAI is deployed on a number of EVM chains, and an EVM address looks identical on all of them. A Cronos MAI balance is a Cronos token: it only arrives if the sender actually broadcasts the transaction on Cronos, and an address that looks correct tells you nothing about which chain the funds went out on.

That is worth a habit rather than a hope. Tangem lists the balance per network and puts the outgoing network on screen before the card signs, so the chain is something you read and confirm instead of assume, and the key doing the signing never leaves the card. Holding a token that wears the same address on half a dozen chains, being made to look at the network each time is the part that earns its keep.

Supported networks in Tangem (1): Cronos.