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MakerDAO Weighs Ditching $390M of Gemini Dollars from DAI Reserve

MakerDAO Weighs Ditching $390M of Gemini Dollars from DAI Reserve

CoindeskCoindesk2023/06/14 17:03
By:Krisztian Sandor

The result could have a significant impact on Gemini and its stablecoin as MakerDAO’s reserve holds roughly 88% of total GUSD supply.

MIAMI, FLORIDA - JUNE 04:  Tyler Winklevoss and Cameron Winklevoss (L-R), creators of crypto exchange Gemini Trust Co. on stage at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. The crypto conference is expected to draw 50,000 people and runs from Friday, June 4 through June 6th.  (Photo by Joe Raedle/Getty Images)

Decentralized finance () lending platform and stablecoin issuer could soon ditch $390 million of crypto exchange Gemini’s stablecoin from its reserves.

The protocol’s community is currently on a to decrease the maximum amount of GUSD to $110 million from $500 million held in Maker’s stablecoin reserve, called the Peg Stability Module ().

Less than 24 hours before the vote’s end, roughly 94% of those who have already voted are in favor of the proposal to cut GUSD. However, a similar in January saw a late rush of votes in favor of retaining GUSD, pushing that side to a razor-thin 50.85% majority.

The vote is significant for GUSD’s future, as Maker holds roughly 88% of the stablecoin’s $568 million circulating supply. Maker backs the value of the $4.5 billion DAI by holding cryptocurrencies such as Circle’s USDC and GUSD in the reserve, and increasingly by investing in real-world assets like government bonds.

– the crypto exchange founded and run by Tyler and Cameron Winklevoss and the issuer of GUSD – pays a 2% annual reward to MakerDAO for using the token as a reserve asset. The , however, argued that the platform could enjoy better revenue opportunities, for example by investing in short-term U.S. Treasuries, which currently offer about a 5% yield.

“Reducing GUSD exposure could allow for better capital efficiency by deploying funds into higher revenue generating opportunities,” the proposal said.

Edited by Stephen Alpher.

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