MakerDAO to Move $500 Million Into U.S. Treasuries and Bonds
Like other stablecoins issuers, the DAO is transitioning its reserves towards reliable government debt. The decentralized stablecoin protocol MakerDAO has committed to converting $500 Million of its DAI reserves into bonds and U.S. treasuries. This marks the decentralized autonomous organization (DAO)’s the first investment.
As MakerDAO explained over Twitter, MKR holders voted to deploy its peg stability module’s USDC on liquid bonds, using its recently created real-world asset Maker Vault. Only 1 million DAI worth of collateral has been deployed thus far, with the remainder requiring more executive votes to reach the newly established 500 million DAI debt ceiling. Likewise, Circle and Paxos – custodians of USDC and BUSD respectively – revealed in July that their reserves are solely backed by either cash or U.S. government debt.
Source
https://t.me/Cash_Blockchain_News
