Some 79% of participants backed the decision in a ranked-choice vote, with the rest preferring to diversify the reserves.
MakerDAO is a decentralized autonomous organization that manages the lending platform Maker through proposals and votes. Maker issues the $5.3 billion stablecoin DAI, backing its value with digital assets from borrowers and, increasingly, with real-world assets such as liabilities from traditional financial institutions like banks.
USDC, the $35 billion stablecoin issued by Circle Internet Financial and backed by cash and short-term U.S. government bonds, is the most widely used stablecoin in decentralized finance (DeFi). It is also the largest reserve asset in DAI’s Peg Stability Module (PSM), which contains $3 billion of the tokens.
Before the vote concluded, some MakerDAO voters expressed concerns about relying too heavily on USDC.
“Issuer diversification is one of the only immediate risk mitigation strategies MakerDAO can apply quickly in a rapidly deteriorating environment for U.S. regulated issuers and their stablecoin products,” pseudonymous ACREinvest commented early Thursday.
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