{"id":66813,"date":"2022-09-07T12:56:06","date_gmt":"2022-09-07T09:56:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66813"},"modified":"2025-09-07T03:19:45","modified_gmt":"2025-09-07T00:19:45","slug":"coinbase-proposes-makerdao-move-one-third-of-usdc-to-coinbase-prime","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/coinbase-proposes-makerdao-move-one-third-of-usdc-to-coinbase-prime\/","title":{"rendered":"Coinbase proposes MakerDAO move one-third of USDC to Coinbase Prime"},"content":{"rendered":"<p>The cryptocurrency exchange <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-coinbase\">Coinbase<\/a> has put to a community vote a proposal from <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-makerdao-mkr-and-the-dai-stablecoin\">MakerDAO<\/a> to transfer a third of <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> from the stability module (PSM) valued at $1.6 billion to Coinbase Prime at an interest rate of up to 1.5% per year.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Coinbase just proposed transferring 33% ($1.6 billion) of Maker&#8217;s PSM to Coinbase Prime.<\/p>\n<p>With a 1.5% proposed interest rate, this would drive an extra $24 million in annual revenue.<\/p>\n<p>Gotta imagine this proposal passes.<a href=\"https:\/\/t.co\/nLoVWJMnUU\">https:\/\/t.co\/nLoVWJMnUU<\/a><\/p>\n<p>\u2014 Yano \ud83d\udfea (@JasonYanowitz) <a href=\"https:\/\/twitter.com\/JasonYanowitz\/status\/1567255652807876630?ref_src=twsrc%5Etfw\">September 6, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Coinbase is a partner of Circle in the Centre consortium, which issues USD Coin (USDC).<\/p>\n<p>If approved, MakerDAO would earn $24 million per year under the institutional rewards programme. The platform does not charge custody fees for holding the assets.<\/p>\n<p>Representatives of the bitcoin exchange noted that the proposal aligns with the protocol&#8217;s community-driven criteria for security, flexibility and cost structure.<\/p>\n<p>The remuneration will be calculated on a monthly basis using the platform&#8217;s asset-weighted average, according to the following schedule:<\/p>\n<ul class=\"wp-block-list\">\n<li>1% on the first $100 million USDC;<\/li>\n<li>+0.1% on each subsequent $100 million USDC;<\/li>\n<li>1.5% on amounts above $600 million USDC.<\/li>\n<\/ul>\n<p>The terms will remain in effect until the end of 2022. The final payment will be made by the platform in January 2023.<\/p>\n<p>As reported in August, plans to <a href=\"https:\/\/forklog.news\/vitalik-buterin-raskritikoval-namerenie-makerdao-prodat-usdc-na-3-5-mlrd\/\"> \u0440\u0435\u0431\u0430\u043b\u0430\u043d\u0441\u0438\u0440\u043e\u0432\u043a\u0438 \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0435\u043d\u0438\u044f \u0441\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d\u0430 DAI<\/a> by selling USDC worth $3.5 billion for ETH were under consideration. Ethereum co-founder Vitalik Buterin criticised the idea.<\/p>\n<p>This was followed by Circle being added to the sanctions blacklist of USDC addresses on the Tornado Cash mixer. This came after sanctions were imposed against the service by <span data-descr=\"U.S. Treasury's Office of Foreign Assets Control\" class=\"old_tooltip\">OFAC<\/span>. In total, one of the stablecoin&#8217;s operators blocked movements of at least 75,000 USDC.<\/p>\n<p>Subsequently, MakerDAO co-founder Rune Christensen<a href=\"https:\/\/forklog.news\/souchreditel-makerdao-predlozhil-otvyazat-dai-ot-dollara\/\"> proposed to detach the stablecoin from the dollar<\/a>.<\/p>\n<p>Earlier, the DeFi platform&#8217;s community approved<a href=\"https:\/\/forklog.news\/makerdao-predostavit-zaem-na-100-mln-banku-iz-ssha\/\"> a loan of $100 million in DAI<\/a> to Huntingdon Valley Bank, founded in 1891 in the United States.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Coinbase has put to a community vote a MakerDAO proposal to move one-third of USDC from the stability module (PSM) valued at $1.6 billion to Coinbase Prime at an interest rate of up to 1.5% per year.<\/p>\n","protected":false},"author":1,"featured_media":66814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,1100,910],"class_list":["post-66813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-makerdao","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66813","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=66813"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66813\/revisions"}],"predecessor-version":[{"id":66815,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66813\/revisions\/66815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/66814"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=66813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=66813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=66813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}