cryptonews.net
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