1 year ago
The MakerDAO assemblage has approved a connection by Coinbase to custody up to $1.6 cardinal USDC with the Prime reward program.
Earlier connected Sept. 6, Coinbase submitted a governance proposal seeking to onboard 33% of MarkerDAO’s USDC holdings to the Coinbase Institutional Rewards program.
After owed information by the MakerDAO governance forum, Coinbase’s connection has received the greenish light.
Coinbase Institutional Rewards (MIP81) has been approved by Maker Governance done a Ratification Poll.
This result enables Core Units to initiate the onboarding of 33% of the PSM’s USDC to @Coinbase‘s Institutional Rewards program.
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— Maker (@MakerDAO) October 24, 2022
Consequently, MakerDAO volition perpetrate $1.6 cardinal of its USDC holdings to Coinbase Prime. In exchange, Maker volition gain a 1.5% reward for its deposits, astir $24 million.
Expectedly, MakerDAO volition beryllium capable to mint, burn, retreat and settee transactions utilizing its USDC astatine immoderate time.
MakerDAO Business Dev. pb Jennifer Senhaji said that the collaboration with Coinbase satisfies the protocol’s longing to put its collateral into short-term bonds that volition make much rewards for its operation.
Senhaji added:
“The further monthly gross generated done this woody enables Maker to further beforehand its overarching ngo to make a global, trustless fiscal aboriginal built connected decentralized rails.”
Win-win for Coinbase
USDC issuer Circle, is simply a portfolio institution of Coinbase. Consequently, MakerDAO’s support volition assistance spot the crypto speech boost its USDC holdings portion promoting the adoption of its stablecoin.
As of Q2 2022, Coinbase held custody of astir $1.7 cardinal connected behalf of its customer.
By committing $1.6 cardinal of its holdings, MakerDAO volition assistance Coinbase clasp its presumption arsenic the starring prime for USDC holders.
The station Coinbase to custody up to $1.6B USDC for MakerDAO appeared archetypal connected CryptoSlate.
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