MakerDAO recently voted on the proposal of custody of 1.6 billion dollars worth of USDC with Coinbase. The partnership will result in MakeDAO earning 1.5% rewards on the USDC stack. At the same time, the collaboration carries tangible benefits for MakerDAO, showing its commitment to DeFi and stablecoin. As Centre Consortium’s co-founders, MakerDAO powered USDC and has supported it by bridging fiat and crypto.
Since MakerDAO has established a remarkable market presence, its user base has been highly intrigued by the collaboration. However, stay tuned to Coinbase review to get all the latest updates about the collaboration and the additional rewards. The latest post by Coinbase shows its trust in stablecoins and their role in establishing a free financial system. The idea behind Centre is to invest in USDC creation, helping it become the 2nd biggest stablecoin as per market cap.
However, given MakerDAO’s USDC holding, making the platform a partner for the rewards program was natural. The collaboration also establishes Coinbase’s position as the first pick for USDC token owners. The stablecoin was valued at 1.7 billion dollars in Q2 2022, and its value is expected to rise even further. Besides overviewing USDC’s custody, Coinbase offers multi-chain trading support for the stablecoin through Coinbase Exchange. In addition, it proposes easy conversion between USDC and USD on Coinbase Prime.
Coinbase has been a vocal supporter of DeFi and MakerDAO for a long time. Its liquidity contribution to multiple protocols has been pivotal, even helping the initial DAI listing. Thus, its involvement in the latest collaboration is expected to yield high-quality results.