MakerDAO to invest $1b in tokenized US Treasury products

MakerDAO has announced plans to invest $1 billion of their reserves in tokenized U.S. Treasury products.

This will be done through an open competition, with top industry players like BlackRock’s BUIDL, Superstate, and Ondo Finance eager to participate. 

Applications for this competition are set to open on August 12. crypto sectors. Carlos Domingo, CEO of the tokenization platform Securitize, which partners with BlackRock, shared his thoughts: 

“We think this is a very good move from MakerDAO and we are excited to participate with BlackRock’s BUIDL. As the leading tokenized treasury issuer, we will certainly apply.”

Robert Leshner, founder of Superstate, stated that Superstate’s USTB is the ideal partner for MakerDAO. And Nathan Allman, founder of Ondo Finance, said:

“It’s a natural fit in our mission of bringing institutional-grade financial products and services to everyone. We look forward to participating.”

In a related development, MakerDAO has started a $1.35 million audit contest, the largest of its kind. The contest will happen on Sherlock Platform, a Web3 audit contest provider, and will be an important feature in MakerDAO’s initial phase of Endgame, set to later in the summer. 

The contest, starting on July 8 and continuing until August 5, plans to attract security experts and researchers to identify vulnerabilities. Endgame refers to the final development stage in MakerDAO’s long-term strategy. 

It will reportedly overhaul governance and create a self-sustaining equilibrium called the Endgame State. The plan involves reorganizing the existing decentralized workforce ecosystem into new self-sustainable DAOs called ‘SubDAOs.’

Rune Christensen, co-founder of MakerDAO, spoke about the importance of security for the Endgame launch. He said, “Rock solid security has always been a priority for MakerDAO. Over time, it’s become one of the defining features of the project. It only makes sense that the team would work with the market leader, Sherlock, to create a program to pressure test the system we’re building as Maker moves toward Endgame.”