Maker

Million

April

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">On Thursday, April 20th, cryptocurrency lending protocol MakerDAO <a href="https://vote.makerdao.com/polling/QmdRELY7#vote-breakdown" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">voted</a> 29-4 to move up to $500 million in USDC to Coinbase. The exchange’s custodial arm will pay a 2.6% annual yield on the deposit. The vote is the latest move in MakerDAO’s long-standing relationship with Brian Armstrong’s company.</p> 
<h3 id="makerdao-votes-to-move-up-to-500-million-usdc-to-coinbase">MakerDAO Votes to Move Up to $500 Million USDC to Coinbase</h3> 
<p>This Thursday, MakerDAO voted in favor of moving up to $500 million in USDC to Coinbase’s custodial arm. The DAO will be receiving a 2.6% annual yield on the deposit and will be able to withdraw the funds after 24 hours. The vote ended with a landslide victory for the proposal with 29 out of 33 voters—or 84.05% of MKR—in favor.</p> 
<p>The vote is the latest development in Maker’s earlier plan <a href="https://tokenist.com/makerdao-approves-moving-1-6b-usdc-into-coinbase-custody-program/" rel="dofollow" class="deco-link">to move a significant portion of its Peg Stability Module (PSM)</a> worth $1.6 billion to Coinbase’s custody. At the time, the idea was pitched as a way to take advantage of the exchange’s reward program and thus increase the DAO’s revenue.</p> 
<p>Since its inception, the moving of USDC to Coinbase’s custody reward program has been <a href="https://forum.makerdao.com/t/mip81-coinbase-usdc-institutional-rewards/17703" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">a hotly contested topic</a> with some fearing that it would simply “add yet another regulatory attack vector that the DAO needs to worry about”. The comment was lent some additional credence in recent months after the cryptocurrency exchange received a Wells notice from the SEC signaling it is under a regulatory probe.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="makerdao-remains-committed-to-coinbase-partnership">MakerDAO Remains Committed to Coinbase Partnership</h3> 
<p>MakerDAO has maintained a long-standing working relationship with Coinbase and generally views the cryptocurrency exchange as a reliable partner due to it being “an established, reputable, and regulated company”. The commitment extends to USDC, a <a href="https://www.circle.com/en/usdc" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">stablecoin jointly issued by Brian Armstrong’s exchange and Circle</a>.</p> 
<p>The partnership went through a major test in the second half of March as USDC suffered from a dramatic depeg in the wake of the collapse of Silicon Valley Bank—an important partner of Circle, the stablecoin’s issuer. At the time, Maker initiated a vote on whether to keep its reserves in USDC and vote in favor of continuing the partnership <a href="https://tokenist.com/79-of-makerdao-members-vote-to-keep-reserves-in-usdc/" rel="dofollow" class="deco-link">with 79% of the votes being in favor</a>.</p> 
<p>Similarly, today’s result again shows Maker’s faith in Coinbase despite the turbulence the exchange is facing. Not only was it recently warned that the SEC is considering an enforcement action against it, but the exchange is itself considering a significant change in strategy <a href="https://tokenist.com/armstrong-coinbase-preparing-to-fight-sec-in-court-might-move-hq-from-us/" rel="dofollow" class="deco-link">and even a shift from the US</a> due to regulatory uncertainty in the country.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>Do you think MakerDAO is making the right call with its decision to move $500 million to Coinbase’s custody? Let us know in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/makerdao-elects-to-move-up-to-500m-usdc-to-coinbase-in-landslide-vote/">MakerDAO Elects to Move Up to $500M USDC to Coinbase in Landslide Vote</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

MakerDAO Elects to Move Up to $500M USDC to Coinbase in Landslide Vote

목차

Tokenist

2023년 4월 20일에 게재된 다른 기사

Can Uwerx (WERX) Easily Outperform Solana (SOL) and Polkadot (DOT)?

Ethereum Price Analysis: ETH Drops to $1,918 as Bears Outplay Bulls

Top crypto tweets of the day – April 21st

The JogjaTron NFT project has launched Tokenomics version 3.1

Polkadot price analysis: DOT price levels fall to $6.08

DogeDay Arrives With an Announcement Ahead!

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!