US-based crypto exchange Coinbase has put to a vote by the MakerDAO community a proposal to transfer a third of USDC from the $1.6 billion Pegging Stability Module (PSM) to Coinbase Prime at up to 1.5% per annum.
Remember that Coinbase is a partner of Circle in the Center consortium, which is the issuer of the stablecoin USD Coin (USDC).
If the proposal is eventually approved, MakerDAO will be able to generate $24 million in annual revenue through the Institutional Compensation Program. It is important to note that Coinbase does not charge any fees for holding assets.
According to Coinbase representatives, the proposal meets the security, flexibility and cost structure criteria put forward by the protocol community.