MakerDAO Community Rejects CoinShares Proposal to Invest up to $500M in Bonds

CoinDesk published this video item, entitled “MakerDAO Community Rejects CoinShares Proposal to Invest up to $500M in Bonds” – below is their description.

The MakerDAO community rejected a proposal to use up to $500 million in stablecoin USDC to invest in bonds with crypto investment firm CoinShares. MakerDAO founder Rune Christensen discusses the reason behind the rejection and his outlook for decentralized finance. Plus, details on the community’s voting on increasing DAI stablecoin rewards.

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In This Story: MakerDAO

MakerDAO is a decentralized autonomous organization — a kind of company that runs itself in a decentralized manner via the use of smart contracts — self-enforcing agreements expressed in software code and executed on the Ethereum blockchain.

This organization is managed democratically by the holders of its Maker (MKR) governance tokens, which act similarly to a traditional company’s stock; MKR holders can vote on key decisions regarding the development of MakerDAO, Maker Protocol and DAI, with their voting power being proportionate to the amount of Maker tokens they own.

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In This Story: Stablecoin

Stablecoins are cryptocurrencies where the price is designed to be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities.

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In This Story: USDC

USD Coin (known by its ticker USDC) is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. Every unit of this cryptocurrency in circulation is backed up by $1 that is held in reserve, in a mix of cash and short-term U.S. Treasury bonds.

USD Coin is managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain, an investor in Circle.

The stablecoin originally launched on a limited basis in September 2018.

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