{"id":299862,"date":"2023-03-24T20:00:42","date_gmt":"2023-03-24T14:30:42","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=299862"},"modified":"2023-03-24T19:51:24","modified_gmt":"2023-03-24T14:21:24","slug":"the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\/","title":{"rendered":"The DAI is cast: MakerDAO votes to keep USDC as primary reserve"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">MakerDAO community opts for USDC over other stablecoins as its primary reserve.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">USDC has since regained its peg, as its exchange reserve drops.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In a recent vote, the MakerDAO [MKR] community reignited its trust in Circle [USDC]. The vote result showed that Maker would keep USDC as its primary reserve.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/maker-price-prediction\" target=\"_blank\" rel=\"noopener\">Maker&#8217;s [MKR] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<h3><b>USDC to remain the primary MakerDAO backing<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Two options were presented to the community for consideration regarding how the DAI token will be backed in a <a href=\"https:\/\/forum.makerdao.com\/t\/proposal-psm-parameter-normalization-17-march-2023\/20209\" target=\"_blank\" rel=\"noopener\">peg-stability-module proposal<\/a> (PSM) filed on 17 March. The first option involved diversifying the Maker reserve, while the second involved keeping USDC as its primary reserve.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">79.02% of the community voted to keep USDC as DAI&#8217;s primary reserve during the voting period from 20 &#8211; 23 March. Nonetheless, 20.69% of the community diversified the reserve among the USDC, USDP, and GUSD.<\/span><\/p>\n<figure id=\"attachment_299868\" aria-describedby=\"caption-attachment-299868\" style=\"width: 1806px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MakerDAO-PSM-votes.png\"><img decoding=\"async\" class=\"size-full wp-image-299868\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MakerDAO-PSM-votes.png\" alt=\"MakerDAO PSM vote breakdown\" width=\"1806\" height=\"877\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MakerDAO-PSM-votes.png 1806w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MakerDAO-PSM-votes-300x146.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MakerDAO-PSM-votes-1024x497.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MakerDAO-PSM-votes-768x373.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MakerDAO-PSM-votes-1536x746.png 1536w\" sizes=\"(max-width: 1806px) 100vw, 1806px\" \/><\/a><figcaption id=\"caption-attachment-299868\" class=\"wp-caption-text\">Source: MakerDAO<\/figcaption><\/figure>\n<h3><b>The USDC scare<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Due to exposure to the bank through significant projects in the industry, the cryptocurrency market experienced a downturn following the bankruptcy of <a href=\"http:\/\/ambcrypto.com\/silvergate-stock-dips-following-suspension-of-crypto-payments-network\/\" target=\"_blank\" rel=\"noopener\">Silvergate bank<\/a>. Circle was one of the crypto projects that had a significant amount of exposure to the bank, and as a result, FUD developed toward <a href=\"http:\/\/ambcrypto.com\/can-circle-usdc-turn-things-around-with-new-plan-all-you-need-to-know\/\" target=\"_blank\" rel=\"noopener\">USDC<\/a>. Due to the ensuing FUD, holders scrambled to liquidate their holdings, causing it to lose its peg.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">DAI suffered due to its high USDC exposure, which caused it to lose its peg. DAI has approximately 3 billion USDC locked in its PSM, which is more than 55% of its PSM, according to statistics from <a href=\"https:\/\/daistats.com\/#\/collateral\" target=\"_blank\" rel=\"noopener\">daistats<\/a>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">After the de-peg, the <a href=\"http:\/\/ambcrypto.com\/usdc-depegging-makes-makerdao-introduce-new-mechanism-more-inside\/\" target=\"_blank\" rel=\"noopener\">MakerDAO<\/a> community considered adopting a proposal to add an emergency switch. The emergency switch would halt PSM swaps on its system, stopping the token purchases necessary for creating fresh DAI tokens.<\/span><\/p>\n<h3><b>The current state of USDC and DAI<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">According to CryptoQuant, USDC appears to have recovered from its initial downtime. The exchange reserve has returned to normal, as it had dropped from over 6 billion earlier in the month to roughly 3 billion. <\/span><\/p>\n<figure id=\"attachment_299875\" aria-describedby=\"caption-attachment-299875\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/USD-Coin-Exchange-Reserve-All-Exchanges.png\"><img decoding=\"async\" class=\"size-full wp-image-299875\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/USD-Coin-Exchange-Reserve-All-Exchanges.png\" alt=\"USDC exchange reserve\" width=\"2560\" height=\"1612\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/USD-Coin-Exchange-Reserve-All-Exchanges.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/USD-Coin-Exchange-Reserve-All-Exchanges-300x189.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/USD-Coin-Exchange-Reserve-All-Exchanges-1024x645.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/USD-Coin-Exchange-Reserve-All-Exchanges-768x484.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/USD-Coin-Exchange-Reserve-All-Exchanges-1536x967.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/USD-Coin-Exchange-Reserve-All-Exchanges-2048x1290.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-299875\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">How much are 1,10,100 MKRs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Moreover, according to statistics from <a href=\"https:\/\/coinmarketcap.com\/view\/stablecoin\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, with a market valuation of nearly $34 billion, it remained the second-largest stablecoin. With a market worth more than $5 billion, Maker (DAI) came in fourth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The latest proposal demonstrated how much DAI was exposed to USDC and how much faith the MakerDAO community had in USDC. It acknowledged that should USDC ever encounter any future FUD; DAI might fall along with it.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MakerDAO community opts for USDC over other stablecoins as its primary reserve. USDC has since regained its peg, as its exchange reserve drops. In a recent vote, the MakerDAO [MKR] community reignited its trust in Circle [USDC]. The vote result showed that Maker would keep USDC as its primary reserve.\u00a0 Read Maker&#8217;s [MKR] Price Prediction<a href=\"https:\/\/ambcrypto.com\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\/\">Continue reading <span class=\"sr-only\">&#8220;The DAI is cast: MakerDAO votes to keep USDC as primary reserve&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":299879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[186,187],"class_list":["post-299862","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-maker","tag-makerdao"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The DAI is cast: MakerDAO votes to keep USDC as primary reserve - AMBCrypto<\/title>\n<meta name=\"description\" content=\"MakerDAO (DAI) currently has 3 billion USDC in its PSM and has voted to keep USDC as its primary reserve despite recent de-pegging events.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ambcrypto.com\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The DAI is cast: MakerDAO votes to keep USDC as primary reserve - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"MakerDAO community opts for USDC over other stablecoins as its primary reserve. USDC has since regained its peg, as its exchange reserve drops. In a\" \/>\n<meta property=\"og:url\" content=\"http:\/\/ambcrypto.com\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-24T14:30:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AMBCrypto_A_group_of_individuals_dressed_in_ancient_Roman_garb__5f16718d-f502-4bff-a8c5-57112bf54aee.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1344\" \/>\n\t<meta property=\"og:image:height\" content=\"896\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Saman Waris\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SamanWaris11\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saman Waris\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"http:\\\/\\\/ambcrypto.com\\\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/ambcrypto.com\\\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\\\/\"},\"author\":{\"name\":\"Saman Waris\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/ad73a5a061fcfc27548aa27112d8b9d8\"},\"headline\":\"The DAI is cast: MakerDAO votes to keep USDC as primary reserve\",\"datePublished\":\"2023-03-24T14:30:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/ambcrypto.com\\\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\\\/\"},\"wordCount\":422,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"http:\\\/\\\/ambcrypto.com\\\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/AMBCrypto_A_group_of_individuals_dressed_in_ancient_Roman_garb__5f16718d-f502-4bff-a8c5-57112bf54aee.png\",\"keywords\":[\"Maker\",\"MakerDAO\"],\"articleSection\":[\"Altcoin\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"http:\\\/\\\/ambcrypto.com\\\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\\\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ambcrypto.com\\\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\\\/\",\"url\":\"http:\\\/\\\/ambcrypto.com\\\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\\\/\",\"name\":\"The DAI is cast: MakerDAO votes to keep USDC as primary reserve - 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