Issuer of the USD-pegged decentralized stablecoin DAI MakerDAO community, USDC It seeks a solution to prevent the volatility caused by it.
The bankruptcy of Circle, the main issuer of USDC at Silicon Valley Bank existing deposits caused panic among investors. Some investors preferred to switch to the DAI stablecoin by selling their USDC.
A bill has been submitted in the Maker governance community, MakerDAO, to prevent the volatility that may arise from this situation. The offer can be generated using other stablecoins DAI envisages limiting the amount of
USDC supply has shrunk by 5% to $38.6 billion since March 10, while DAI supply expanded by 20% to $6.3 billion in the same period. Blockchain experts interpret this data as panic-stricken investors flocking to decentralized startups.
How is DAI Produced?
The decentralized stablecoin platform Maker allows users to convert their stable crypto assets into DAI at a 1:1 ratio with its Peg Stability Module (PSM).
Blockchain research expert Rebecca Stevens warns investors to act with panic in the first hours. “usual” welcomed. But after the US government became the guarantor for the deposit payments, the concern was over for now.
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