The Crypto Roundup: 22 June 2023 | CryptoCompare.com

Popular decentralized finance protocol MakerDAO, the project behind the cryptocurrency-backed stablecoin DAI, has bought an additional $700 million worth of U.S. Treasurys, bringing the total in its DAI reserve to $1.2 billion.

The move is part of Maker’s “Endgame Plan,” which has been seeing Maker increasingly incorporate traditional financial assets, like government bonds, into its reserve to support the stablecoin.

This step is part of a plan greenlit in March to increase the maximum limit of a real-world asset (RWA) vault, which invests in short-term government bonds, to $1.25 billion. Asset manager Monetalis oversees the vault, one of the mechanisms that helps maintain DAI's $1 price peg.

As part of a larger reorganization, Maker is segmenting its structure into smaller, autonomous units known as SubDAOs, while also investing in yield-generating, real-world assets to enhance protocol revenue during a period of muted demand for crypto lending.

The Maker community has recently endorsed the onboarding of a new RWA vault managed by crypto asset manager BlockTower, signifying a preliminary move towards an additional U.S. Treasury purchase of up to $1.28 billion in the future.

The DAO also supported the idea of offloading $500 million of Paxos Dollar (USDP) and $390 million of Gemini Dollar (GUSD) from the reserve, instead opting for more profitable investments.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://www.cryptocompare.com/email-updates/daily/2023/jun/22/