In a move aimed at limiting exposure to any one asset, the MakerDAO community has voted to allocate $500m into U.S. treasuries and corporate bonds. By amitoj
The community governing MakerDAO, a decentralized autonomous organization behind stablecoin DAI, has allocated $500 million for investing in U.S. short treasuries and corporate bonds.
The"strategic investment" will be converted from its overcollateralized stablecoin, with 80% going towards U.S. short term Treasuries and the remaining 20% to investment grade corporate bonds. MakerDAO's community voted in favor of the allocation proposal, which was presented in late June. Stablecoins and their collaterals have been the subject of recent debate ever since the implosion of the $40 billion Terra ecosystem and its stablecoin UST, which sent whiplashes in the crypto market.
The move is aimed at diversifying MakerDAO’s balance sheet into"scalable legacy finance investments, limiting exposure to any one asset and expanding revenue streams" and will be initiated by decentralized finance asset advisor Monetalis.said it is the lead partner in the $500 million diversification effort.
MakerDAO said that it has carried out a $1 million transaction with the remaining investment to follow. Signum said it is working with BlackRock Switzerland to allocate $250 million in the first phase.
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