MakerDAO votes to approve the Coinbase Institutional USDC institutional rewards proposal

ChainCatcher news, MakerDAO voted on Monday to approve the Coinbase Institutional USDC incentive proposal, receiving 75% of the votes in favor. Coinbase will custody $1.6 billion worth of MakerDAO dollars (USDC) through its institutional services, allowing the DAO to earn up to 1.5% in rewards from these funds. According to the proposal, Maker will not pay custody fees, and after the trial period ends at the end of the year, the community will need to vote on whether to keep its funds custodied at Coinbase.

Previous report, the Coinbase Institutional proposal suggests registering an account representing MakerDAO on Coinbase Prime and transferring 33% of the PSM's USDC (approximately $1.6 billion USDC) into custody. According to the reward plan proposed in MIP81, the implementation of this proposal will bring approximately $15 million in annual revenue to MakerDAO. (Source link)