Cryptocurrency exchange Coinbase has voted on a recommendation by the MakerDAO community to transfer one-third of USDC from the $1.6 billion Stability Stability Module (PSM) to Coinbase Prime at 1.5% per year.

Coinbase is a partner of the Circle in the Center consortium issuing USD Coin (USDC).

If approved, MakerDAO will be able to generate $24 million in annual revenue through its Corporate Compensation Program. Coinbase does not charge any fees for holding assets.

Representatives of the Bitcoin exchange noted that the proposal met the criteria for security, flexibility and cost structure put forward by the protocol community.

The reward will be calculated each month based on the weighted average of the assets on the platform as follows:

• 1% for the first 100 million USDC;
• +0.1% for each subsequent 100 million USDC;
• 1.5% for amounts over 600 million USDC.

The terms will remain in effect until the end of 2022. The platform will make the final payment in January 2023.

Recall that in August we were informed about the detailing of plans to rebalance the supply of DAI stablecoins, which includes the sale of $3.5 billion worth of USDC for ETH. Ethereum co-founder Vitalik Buterin criticized the idea.

This came before Circle’s USDC wallet addresses were blacklisted on the Tornado Cash mixing platform. This followed the introduction of sanctions against the service. OFAC. In total, one of the stablecoin operators blocked the movement of at least 75,000 USDC.

Later, MakerDAO co-founder Rune Christensen suggested separating the stablecoin from the dollar.

Earlier, the DeFi platform community approved a $100 million DAI loan to the US-based Huntingdon Valley Bank, which was founded in 1891.

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