MakerDAO, the DeFi protocol behind decentralized stablecoin DAI, has completed the acquisition of an additional $700 million worth of US treasuries.
DAI Currently Has a Total Value Locked (TVL) of $8.4 Billion
MakerDAO, the DeFi protocol behind decentralized stablecoin DAI, has completed the acquisition of an additional $700 million worth of US treasuries, bringing its total stablecoin reserves to $1.2 billion.
The decision follows a proposal to increase the debt ceiling for MIP65 from $500 million to $1.25 billion to take advantage of the existing yield environment. This is expected to deliver an annualized yield of 4.5%.
DAI currently has a total value locked (TVL) of $8.4 billion, and short-term treasuries are 14.8% of its existing collateral.
The onboarding of a new real world asset (RWA) vault by crypto asset manager BlockTower was just approved by the community. This could lead to a potential US treasury purchase of up to $1.28 billion in the future. Voting members also supported withdrawing $390 million in Gemini Dollars (GUSD) and $500 million in Paxos Dollars (USDP) from the reserve in order to invest in higher-yielding assets.
