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News Explorer — MakerDAO Votes to Cut Paxos Stablecoin USDP From Its Reserves

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Jun 1, 4:16 pm
Coindesk

MakerDAO Votes to Cut Paxos Stablecoin USDP From Its Reserves

Voters have voted to decrease the debt ceiling for USDP to zero from $500 million, which has a significant impact on Paxos. Gemini pays an incentive to MakerDAO for holding its stablecoin, while MakerDAO will soon earn a 2.6% yield on USDC from Coinbase Prime. The proposal for booting USDP argued that holding the stablecoin does not accrue revenues for MakerDAO.

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