​Crypto Lending Protocol MakerDAO Approves Transferring a Maxi | Crypto Sale

​Crypto Lending Protocol MakerDAO Approves Transferring a Maximum of $500M in USDC to Coinbase Custody for 2.6% Yield

Crypto lending protocol MakerDAO approved opening a real world asset (RWA) vault for Coinbase Custody and the transfer of up to $500 million in USDC stablecoins, according to a vote concluded on Thursday.

The U.S.-based crypto exchange’s custodial arm will pay a 2.6% annual yield on deposits, a related post on Maker’s governance forum said. The proposal forbids Coinbase Custody to rehypothecate – lend, reinvest or use in other ways – the assets in the account.

Coinbase must keep the tokens in cold crypto wallets, the Maker community favored in a parallel vote. Maker will be able to withdraw funds from the vault within 24 hours, and funds in cold storage are insured up to the $500 million limit.