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News Explorer — MakerDAO Votes Unanimously to Remove Paxos From Reserve Asset Holdings

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Jun 2, 4:23 am
Unchained Crypto

MakerDAO Votes Unanimously to Remove Paxos From Reserve Asset Holdings

The voting process for a governance proposal to decrease the USDP debt ceiling from $500 million to zero concluded on Thursday, with all voters in favor of removing Paxos from the reserve asset holdings. Maker risk management firm Monet Supply proposed the idea, citing USDP's relatively low liquidity and lack of revenue for Maker. Despite Paxos' proposal to send Maker a marketing fee, there has been no progress toward implementation.

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