- MakerDAO transferred $500 million to Coinbase Custody, the custodial arm of Coinbase.
- The crypto lending protocol said that the funds have been transformed to USDC utilizing PSM.
- Coinbase Custody will now pay MakerDAO a 2.6% annual yield on deposits.
Crypto lending protocol MakerDAO has transferred $500 million to Coinbase Custody, the custodian subsidiary of worldwide crypto trade Coinbase. The transfer secures MakerDAO an annual reward fee of two.6%, which equates to an estimated annual revenue of 13 million DAI.
Relating to the switch, Coinbase Institutional (@CoinbaseInsto) tweeted:
Yesterday, MakerDAO revealed that Coinbase has deployed 500 million DAI from the Coinbase Custody vault. After approval of the Coinbase Institutional Rewards proposal by Maker Governance, the funds have been transformed to USDC utilizing PSM (Peg Stabilization Module).
The transformed funds have been then deposited into the designated Coinbase Custody account. Coinbase mentioned the transfer is step one in its USDC Institutional Rewards Program, which can launch within the fourth quarter of 2022.
Again in April 2023, the MakerDAO neighborhood accredited a proposal to open a Actual World Asset (RWA) vault for Coinbase Custody and switch as much as $500 million in USDC.
In response to this proposal, Coinbase Custody is strictly prohibited from re-hypothesizing belongings held in designated accounts. Because of this the deposited belongings can’t be rented out, reinvested or utilized in every other method.
The cryptocurrency lending protocol has the power to withdraw funds from vaults inside 24 hours, and funds held in chilly storage are insured as much as $500 million.
Even earlier than that, in October 2022, the MakerDAO neighborhood gave its approval to Coinbase’s proposal, permitting customers to retailer as much as $1.6 billion USDC by Coinbase Prime. MakerDAO was to earn a 1.5% reward in USDC whereas conserving funds in institutional custodians.
(Tag Translation) Coinbase Information
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