MakerDAO Community Approves Coinbase USDC Custody Proposal

As expected given the early returns last week, the MakerDAO community has approved a proposal to custody as much as $1.6 billion in USD Coin (USDC) with Coinbase Prime.

"This proposed collaboration with Coinbase (COIN) follows an approved signal of intent by the MakerDAO community to increasingly invest Maker’s collateral into short-term bonds," said MakerDAO's Jennifer Senhaji in a statement.

Late last week it was reported that 88% of the community votes were in favor of the proposal.