MakerDAO Community Votes to Approve Custody of $1.6 Billion in USDC with Coinbase

The MakerDAO community will earn a 1.5% reward on their USDC while holding funds with Coinbase Prime.

Coinbase Prime, a premier institutional brokerage platform for crypto assets, announced on October 24 that it has partnered with MakerDAO to become the $1.6 billion custodian of the stablecoin USD Coin (USDC) , of which MakerDAO is the largest single holder.

The MakerDAO community has voted to approve custody, which will allow their community to earn a 1.5% reward on their USDC while holding funds with a top institutional custodian.

The program describes the following yield schedule for USDC integrated by @MakerDAO:

• 1% APY on the first 100 million USDC.

• 0.1% more APY for every 100 million USDC thereafter.

• Rewards must not exceed 1.5% APY.

3/

According to Coinbase Prime, this move will not only bring tangible benefits to the MakerDAO community, but it also illustrates the platform's efforts to grow the stablecoin ecosystem. Coinbase has expressed its belief that stablecoins will play a key role in creating an open, more efficient, and fairer financial system that will bridge the gap between the crypto and fiat worlds.

Jennifer Senhaji, Head of Growth and Business Development at MakerDAO, said:

"The additional monthly revenue generated by this agreement allows Maker to continue its overall mission to create a global, trustless financial future built on decentralized rails."

Related: USDC adoption lags outside the US: Co...