The MakerDAO group favored preserving the USDC stablecoin as the first reserve asset for its DAI stablecoin, the protocol’s governance website confirmed on Thursday.
Some 79% of contributors backed the choice in a ranked-choice vote, with the remainder preferring to diversify the reserves.
MakerDAO is a decentralized autonomous group that manages the lending platform Maker by proposals and votes. Maker points the $5.3 billion stablecoin DAI, backing its worth with digital belongings from debtors and, more and more, with real-world belongings resembling liabilities from conventional monetary establishments like banks.
USDC, the $35 billion Circle-issued stablecoin backed by money and short-term U.S. authorities bonds, is probably the most extensively used stablecoin in decentralized finance (DeFi). It is usually the biggest reserve asset in DAI’s Peg Stability Module (PSM), which accommodates some $3 billion of the tokens.
Thursday’s resolution signifies that Maker reverses emergency measures taken through the stablecoin disaster. The brand new circumstances to mint DAI tokens by the PSM are nearer to the earlier parameters, in accordance with the proposal.
Earlier than the vote concluded, some MakerDAO voters expressed considerations about relying too closely on USDC.
“Issuer diversification is likely one of the solely fast danger mitigation methods MakerDAO can apply rapidly in a quickly deteriorating atmosphere for U.S. regulated issuers and their stablecoin merchandise,” ACREinvest commented early Thursday.
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Krisztian Sandor is a reporter on the U.S. markets workforce specializing in stablecoins and institutional funding. He holds BTC and ETH.
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Krisztian Sandor is a reporter on the U.S. markets workforce specializing in stablecoins and institutional funding. He holds BTC and ETH.