DeFi project MakerDAO has drastically reduced the share of stablecoin USD Coin (USDC) in the total collateral for borrowing in DAI.
On March 13, the indicator peaked at around 4.4 billion USDC locked in the mechanism PSM. At the time of writing, the amount of stablecoins deposited in the service barely exceeds $521 million.
The dominant share falls on various versions of the “wrapped” Ethereum. The sum of WETH and WSTETH exceeds 69%. The total volume of funds blocked in the protocol is ~$6.3 billion.
Earlier, the MakerDAO community launched an emergency vote on a proposal to limit the impact of USDC issues on the decentralized stablecoin DAI. The changes took effect March 13.
“[Резервы] in USDC are declining as we finally have ways to generate income from these unproductive assets,” Sebastien Derivo, an analyst at MakerDAO’s strategic finance division, commented to The Block.
In June, the platform increased the amount of US Treasury bonds in reserves from $500 million to $1.2 billion. The project took the first step in this direction in October 2022.
Recall that in May, the MakerDAO team presented a roadmap with an emphasis on the use of AI.
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