MakerDAO approves the transfer of up to $500 million USDC to Coinbase Custody for an annual yield of 2.6%

ChainCatcher news, MakerDAO has approved the opening of a real-world asset (RWA) vault for Coinbase Custody, transferring up to $500 million in USDC stablecoin. The proposal received 84% support. It is reported that Coinbase's custody division will pay 2.6% annual interest on deposits.

Additionally, the proposal prohibits Coinbase from re-collateralizing the assets in the account, including lending, reinvesting, or using them in any other way. Coinbase must keep the tokens in cold wallets, and MakerDAO will be able to withdraw funds from the vault within 24 hours, with the funds in the cold wallet insured for up to $500 million. (source link)