stablecoin The proposal, which was put to a vote earlier this week on Maker’s governance platform MakerDAO, came to a positive conclusion today. According to the official announcement on Thursday, Maker has announced that Circle will be the first reserve asset for the DAI stablecoin. USDC will continue to accept the token.
79% of users participating in the governance process voted affirmatively because they trust USDC. The rest expressed the view that the protocol should diversify stablecoin reserves.
Decentralized lending platform maker, working similarly to banks, produces its own stablecoin, DAI. The system uses Circle’s USDC token as its primary source to support dollar-denominated DAI.
Actively oversees the Maker platform ACREinvestafter the voting decision, gave the following opinion:
“For DAI reserve, issuer diversification is the option that will minimize Maker’s exposure to adverse conditions that may arise.”
Has Circle Survived the Crisis?
DeFi Circle, the issuer of USDC, the most frequently used stablecoin on its platforms, has been negatively impacted by the US banking crisis.
Circle, which has $ 3.3 billion in reserves in the bankrupt Silicon Valley Bank, caused great panic in the crypto market in the first days. However, after the US government guaranteed all the deposits, the worry was over.
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