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MakerDAO community votes to approve custody of $1.6B in USDC with Coinbase

Published 10/25/2022, 04:00 PM
Updated 10/25/2022, 05:40 PM
MakerDAO community votes to approve custody of $1.6B in USDC with Coinbase

Coinbase (NASDAQ:COIN) Prime, an institutional prime brokerage platform for crypto assets, announced on Oct. 24 that it has entered into a partnership with MakerDAO to become a custodian of $1.6 billion worth of the stablecoin USD Coin (USDC), of which MakerDAO is the largest single holder.

The MakerDAO community voted to approve the custodianship, which will allow its community to earn a 1.5% reward on its USDC while holding funds with a leading institutional custodian.

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