The MakerDAO community has approved a proposal to place as much as $1.6b in USD coin (USDC) with Coinbase Prime, where it will yield 1.5%. Decisions on MakerDAO are made by votes of its governance token, MKR, and for this proposal, 109,944 MKR were put toward saying "yes," or about 75% of the total vote. Some 14% voted "no," and 11% abstained.
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MakerDAO community approves proposal to place USDC in Coinbase's custody platform
"This proposed collaboration with Coinbase (COIN) follows an approved signal of intent by the MakerDAO community to increasingly invest Maker’s collateral into short-term bonds," Jennifer Senhaji, growth and business development lead at MakerDAO, said in a statement.
