MakerDAO to use $500m for treasury and bond investments
Join Our Telegram channel to stay up to date on breaking news coverage Recently, MakerDAO came up with a plan to reallocate as much as $500 million of its stablecoin’s collateral reserves and use them for making short-term investments in the US Treasury and corporate bonds . Maker Protocol’s governing body believes that doing so would provide the protocol with low-risk additional yield, which would be appreciated and preferable, especially at this time when the crypto industry remains troubled by uncertainty. What will be done with the funds? The DAO voted yesterday, October 6th, to approve the initial transaction of $1 million. This came after an executive vote from the project’s tokenholders, and the remaining funds are meant to follow after the community gives its confirmation for that portion of the total amount. As for how the funds will be used, 80% is meant to go into the US Treasury for short-term investments. Around $160 million is allocated to the ...