The MakerDAO community has supported keeping the USDC stablecoin as the primary reserve asset for its DAI stablecoin, the protocol governance website revealed on Thursday. About 79% of participants supported the decision during the ranked voting, while the rest preferred to diversify reserves. Previously, several stablecoins, including DAI and USDC, temporarily lost their dollar peg on exchanges after Circle's key reserve banking partner, Silicon Valley Bank, collapsed.
MakerDAO is a decentralized autonomous organization that manages the Maker lending platform through proposals and votes. Maker launched DAI stablecoin, backing its value with borrowers' digital assets and, increasingly, with real assets such as the liabilities of traditional financial institutions. USDC, a $35 bln stablecoin issued by Circle Internet Financial and backed by the dollar and short-term US government bonds, is the most widely used stablecoin in DeFi. It is also the largest reserve asset in the DAI Pegging Stability Module (PSM), holding $3 bln worth of tokens.
Thursday's decision means Maker is canceling emergency measures taken during the stablecoin crisis. According to the proposal, the new conditions for minting DAI tokens through PSM are closer to the previous parameters. Prior to the close of the vote, some MakerDAO voters raised concerns about being too dependent on USDC.
Image: Blockworks
u.today
crypto.news
