MakerDAO to List 1/3 of 1.6 Billion USDC in Coinbase Prime

Reading time: < 1 minute

The MakerDAO community has recently given its support to 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.

The proposal MIP81, which was introduced in early October by Coinbase, has received support from 75% of the votes. Coinbase is Circle’s partner in the USD issuer Center consortium.

The implementation of the solution will allow MakerDAO to receive income under the Institutional Rewards program on the Prime Institutional Platform.

The conditions for the placement of assets provide for the accrual of annual interest in the amount of 1% for the first 100 million USDC and +0.1% for each subsequent 100 million USDC with a maximum of 1.5%.