MakerDAO approves deployment of $100M USDC on DeFi protocol Yearn Finance

01/24 04:19

Decentralized-finance (DeFi) giant MakerDAO’s community approved Monday a proposal to deploy up to $100 million in USD coin (USDC) from its reserve on DeFi protocol Yearn Finance, where the deposited stablecoin will earn a yield. Maker will open an individual non-custodial vault on Yearn with a ceiling set at $100 million to deposit USDC from its "peg stability module," or PSM, which backs the value of Maker’s decentralized stablecoin DAI. According to the proposal submitted at the end of November, MakerDAO is predicted to earn a 2% annual yield with the strategy.
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