MakerDAO Approves Transferring $500M $USDC to Coinbase Custody for 2.6% Yield

MakerDAO Approves Transferring $500M $USDC to Coinbase Custody for 2.6% Yield

Crypto lending protocol MakerDAO has approved the transfer of up to $500 million in $USDC stablecoins to Coinbase Custody, as part of its strategy to diversify its reserves and increase revenues by investing in yield-generating traditional financial assets.

The U.S.-based crypto exchange's custodial arm will pay a 2.6% annual yield on deposits, and the proposal forbids Coinbase Custody from rehypothecating (lend, reinvest or use in other ways) the assets in the account.

Coinbase must keep the tokens in cold crypto wallets. Maker will be able to withdraw funds from the vault within 24 hours, and funds in cold storage are insured up to the $500 million limit.

 

TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.

Source

DeFi

Stablecoins

Coinbase

In This Article

Related News
Total stablecoin market cap surpasses $230 billion amid institutional interest and Trump policies Total stablecoin market cap surpasses $230 billion amid institutional interest and Trump policies
Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum
Coinbase premium flips positive for first time in weeks, indicating rising bitcoin demand from US investors Coinbase premium flips positive for first time in weeks, indicating rising bitcoin demand from US investors
Total stablecoin market cap tops $200 billion as onchain lending yields surge Total stablecoin market cap tops $200 billion as onchain lending yields surge
Coinbase's fiat-to-crypto onramp integrates Apple Pay Coinbase's fiat-to-crypto onramp integrates Apple Pay
Latest News More More
2 Days Ago Eliza Labs unveils auto.fun, a no-code AI agent launchpad with 'fairer than fair' token model
2 Days Ago Non-KYC exchange eXch to close down under money laundering scrutiny tied to Lazarus Group
3 Days Ago Base scrutinized over promotion of token that briefly crashed 95%; says part of 'contentcoin' vision
5 Days Ago Layer 1 MANTRA's token falls 90% in sudden crash; team blames 'reckless liquidations'
5 Days Ago Canada to launch spot Solana ETFs this week: report
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open