Governor Note: Coinbase USDC Institutional Rewards for MakerDAO

Coinbase wants to onboard MakerDAO, the organization behind the largest decentralized stablecoin, to Coinbase Prime. The proposal will enable Coinbase to custody $1.60 billion USDC from the protocol’s Price Stability Module (PSM) for an estimated $22.5 million per annum yield. Although the offering would cost MakerDAO nothing in fees, the community is concerned about regulatory missteps.

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