{"id":582520,"date":"2023-06-01T23:07:06","date_gmt":"2023-06-01T22:07:06","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=582520"},"modified":"2023-06-01T23:07:20","modified_gmt":"2023-06-01T22:07:20","slug":"makerdao-buy-1-28-billion-us-treasuries","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/makerdao-buy-1-28-billion-us-treasuries\/","title":{"rendered":"MakerDAO Approves Proposal To Buy $1.28 Billion In U.S. Treasuries"},"content":{"rendered":"\n
DeFi lending platform MakerDAO is set to purchase a whopping $1.28 billion worth of U.S. Treasuries in a bid to diversify the reserve assets that back its DAI stablecoin. The community behind Maker voted in favor of a proposal, dubbed Project Andromeda, to deploy a new vault with a debt ceiling of 1.28 billion DAI. <\/p>\n\n\n\n
According to the proposal submitted on MakerDAO\u2019s governance forum<\/a> earlier this month, Project Andromeda was put forward by Blocktower Capital Advisors LP under MIP90. As per the proposal, 1.28 billion DAI would be deployed to purchase short-dated U.S. Treasuries that will be held in custody by Wedbush Securities Inc. The maturities of the government bonds will range from zero to six months. As per the asset purchases schedule posted on the governance forum, 1\/6th (16.67%) of the total DAI vault will be allocated to 0-1 month US Treasuries. Identical allocations have been listed for 1-2 month bonds, 2-3 month bonds, and so on.\u00a0<\/p>\n\n\n\n The polling page<\/a> showed that the MakerDAO community approved the proposal with an overwhelming majority, with 99.99% of the votes in favor of Project Andromeda. Blocktower Capital will receive an arranger fee equivalent to 0.15% of the vault, which comes out to over $1.9 million. Coinbase and Galaxy Digital will serve as exchange agents on the transaction, facilitating the conversion between stablecoins and U.S. Dollars.<\/p>\n\n\n\n The approval for the $1.28 billion U.S. Treasuries purchase comes just months after Maker\u2019s community approved a proposal to increase its portfolio holdings of United States Treasury bonds by 150%, from $500 million to $1.25 billion. The latest approval comes just a day after fellow stablecoin issuer Circle eliminated<\/a> all U.S. Treasury bonds from the reserve fund backing its USDC stablecoin.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":" The community behind MakerDAO has voted in favor of a proposal that will see the DeFi protocol purchase $1.28 billion worth of short-dated U.S. Treasuries. <\/p>\n","protected":false},"author":62,"featured_media":582522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,108120,2],"tags":[1464,108853,7108,7376],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582520"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=582520"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582520\/revisions"}],"predecessor-version":[{"id":582523,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582520\/revisions\/582523"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/582522"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=582520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=582520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=582520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}