MakerDAO Community Approves Proposal to Place USDC in Coinbase's Custody Platform
Up to $1.6 billion in USD coin will be held with Coinbase Prime, where it will earn a 1.5% reward.
Oct 24, 2022 at 5:23 p.m. UTCUpdated May 9, 2023 at 4:00 a.m. UTC
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The MakerDAO community has approved a proposal to place as much as $1.6 billion in USD coin (USDC) with Coinbase Prime, where it will yield 1.5%.
MakerDAO is the issuer of the DAI stablecoin. Coinbase Prime is crypto exchange Coinbase's institutional custody service.
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"This proposed collaboration with Coinbase (COIN) follows an approved signal of intent by the MakerDAO community to increasingly invest Maker’s collateral into short-term bonds," Jennifer Senhaji, growth and business development lead at MakerDAO, said in a statement.
Last week, it was reported that 88% of the community votes were in favor of the proposal.
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Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.