MakerDAO has authorized the initiation of RWA vault specified for Coinbase Custody and approved the transaction of $500M worth of USDC.
MakerDAO, a prominent protocol for crypto lending, has recently authorized the initiation of a real-world asset (RWA) vault specified for Coinbase Custody. The platform has additionally approved the transaction of nearly $500M worth of USDC tokens, as per a vote that was accomplished on Thursday.
MakerDAO Allows Transaction of 500M USDC to Coinbase Custody
The United States-based crypto exchange company’s custodial branch will recompense almost 2.6% per annum profit on deposits, as disclosed by a related post published on the governance forum of Maker. No fees will be charged by Coinbase over the USDC tokens’ custody or taking part in the rewards project. The proposal prohibits Coinbase Custody from reinvesting, lending, or using the assets existing in the account in other ways.
Maker Is Also Responsible for the Issuance of $5B Worth of DAI Tokens
Back in 2022’s September, Coinbase filed the proposal entitled “MIP81: Coinbase USDC Institutional Rewards.” The respective proposal was focused on onboarding the USDC tokens of PSM to Coinbase Prime to take part in the USDC Institutional Rewards project of Coinbase. Keeping that in view, the legal Assessment of the Strategic Finance Core made a declaration. As per that, the allocation of nearly 500M USDC tokens from PSM to the Institutional Rewards project run by Coinbase is to be conducted in line with some parameters.