Cointime news on June 24: MakerDAO’s decentralized U.S. dollar stablecoin DAI has significantly reduced its reliance on USDC as a collateral asset in the past few months.
The amount of USDC used as backing in MakerDAO’s Pegged Stable Module (PSM) has dropped significantly since the beginning of the year.
PSM allows users to deposit USDC and mint DAI at a 1:1 ratio, helping to peg the stablecoin to the U.S. dollar.
Currently, the share of USDC in DAI’s collateral reserves has dropped from about 50% to just 8%, while the role of Ethereum derivatives as collateral has increased significantly.
Additionally, MakerDAO used its USDC reserves to purchase $100 million in U.S. Treasuries and transferred another $500 million in USDC to Coinbase Custody for rewards.