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MakerDAO Community Rejects Proposal to Move $500M to CoinShares

ByLouis Adams

Nov 30, 2022
Reading time: < 1 minute

The MakerDAO community has rejected an offer from CoinShares involving the transfer of about $500 million in assets under the management of the investment company.

CoinShares offered in September to entrust some of the stablecoins from the Pegging Stability Module (PSM) to it for active management. The company planned to invest from 100 million to 500 million USDC in a portfolio consisting of corporate debt securities and government bonds.

The return on investment was expected to be in line with SOFR. However, the proposal was rejected. More than 72% of all members of the community participating in the vote have opposed the initiative.

In the current governance cycle, the MakerDAO community has rejected nine proposals and approved only four.