{"id":336284,"date":"2023-06-21T20:19:02","date_gmt":"2023-06-21T19:19:02","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=336284"},"modified":"2023-06-21T21:27:02","modified_gmt":"2023-06-21T20:27:02","slug":"makerdao-buys-700m-in-us-treasury-bonds","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/makerdao-buys-700m-in-us-treasury-bonds\/","title":{"rendered":"MakerDAO buys $700M in US Treasury bonds"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/products\/makerdao\/\">MakerDAO<\/a>, the organization behind the <a href=\"https:\/\/cryptoslate.com\/coins\/multi-collateral-dai\/\">DAI<\/a> stablecoin, has purchased $700 million worth of U.S. Treasury bonds, bringing the DAO's total Treasury bond holdings to $1.2 billion.<\/p>\n<p>The MakerDAO community had already held the preliminary vote to <a href=\"https:\/\/cryptoslate.com\/maker-passes-first-vote-to-increase-u-s-treasury-bond-holdings-to-1-25b\/\">increase<\/a> its U.S. Treasury bond holdings from $500 million to $1.25 billion in March.<\/p>\n<p>The <a href=\"https:\/\/forum.makerdao.com\/t\/proposal-to-increase-debt-ceiling-for-mip65-by-750m-to-1250m\/20060\">proposal<\/a> passed with 77.13% of the vote in favor and included a plan to spend the additional $750 million on U.S. Treasuries. These treasuries were to be &#8220;purchased with maturities equally split over six months such that, bi-weekly, a similar amount of US Treasuries mature (i.e., 12 \u201cslots\u201d over six months &#8211; i.e., 750M\/12 = 62.5M per slot).&#8221;<\/p>\n<p>As part of its bond strategy, MakerDAO has also implemented a six-month U.S. Treasury ladder strategy involving bi-weekly roll-overs. This approach allows the organization to capitalize on the current yield environment and boost its revenue.<\/p>\n<p>The purchase was carried out by Monetalis Clydesdale Vault, a digital asset manager, on behalf of MakerDAO.<\/p>\n<p>Allan Pedersen, CEO of Monetalis Group, stated that this increase in MakerDAO's exposure to real-world assets represents a &#8220;strong, reliable, and flexible solution&#8221; that will generate more revenue for the protocol.<\/p>\n<p>Meanwhile, stablecoin issuer <a href=\"https:\/\/cryptoslate.com\/companies\/circle\/\">Circle<\/a> has restarted its purchasing of U.S. Treasury bills as a reserve asset for its <a class=\"c-link\" href=\"https:\/\/www.blackrock.com\/cash\/en-us\/products\/329365\/circle-reserve-fund\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/www.blackrock.com\/cash\/en-us\/products\/329365\/circle-reserve-fund\" data-sk=\"tooltip_parent\">Circle Reserve Fund<\/a>\u00a0(managed by BlackRock).<\/p>\n<p>Circle had previously <a class=\"c-link\" href=\"https:\/\/cryptoslate.com\/circle-reserves-no-longer-contain-us-treasuries-that-mature-after-june\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/cryptoslate.com\/circle-reserves-no-longer-contain-us-treasuries-that-mature-after-june\/\" data-sk=\"tooltip_parent\">abandoned<\/a> all its short-term Treasury holdings amid the U.S. debt ceiling standoff last month, with CEO Jeremy Allaire citing the &#8220;potential breach of the ability of the U.S. government to pay its debts&#8221; as the reason.<\/p>\n<h2>Hedging bets<\/h2>\n<p>This recent purchase aligns with the organization's plans to increase its exposure to such assets, as outlined in a proposal released in March 2023.<\/p>\n<p>This decision was part of MakerDAO's effort to become more resilient following an incident where its stablecoin, DAI, briefly lost parity with the U.S. dollar, falling to $0.89 on March 11, one day after the failure of Silicon Valley Bank.<\/p>\n<p>SVB's collapse impacted several major stablecoins, including Circle's USDC, which DAI uses in its Peg-Stability Module (PSM). As a response, MakerDAO had planned to diversify from USDC by investing a portion of the USDC in its PSM to acquire the proposed $750 million of Treasury bonds.<\/p>\n<p>MakerDAO's U.S. Treasury bond strategy is not a new venture for the organization. The DAO first purchased $500 million worth of bonds in October 2022, seeing it as a way to diversify its collateral pool with low-risk, traditional assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MakerDAO, the organization behind the DAI stablecoin, has purchased $700 million worth of U.S. Treasury bonds, bringing the DAO&#8217;s total Treasury bond holdings to $1.2 billion. The MakerDAO community had already held the preliminary vote to increase its U.S. Treasury bond holdings from $500 million to $1.25 billion in March. The proposal passed with 77.13% [&hellip;]<\/p>\n","protected":false},"author":1419,"featured_media":336299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77419,77968,11,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MakerDAO buys $700M in US Treasury bonds<\/title>\n<meta name=\"description\" content=\"The stablecoin issuer is filling out its treasury with U.S. government debt after DAI broke with its dollar parity in March.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/makerdao-buys-700m-in-us-treasury-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MakerDAO buys $700M in US Treasury bonds\" \/>\n<meta property=\"og:description\" content=\"The stablecoin issuer is filling out its treasury with U.S. government debt after DAI broke with its dollar parity in March.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/makerdao-buys-700m-in-us-treasury-bonds\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-21T19:19:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-21T20:27:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/06\/makerdao-treasuries.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jacob Oliver\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jacob Oliver\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/makerdao-buys-700m-in-us-treasury-bonds\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/makerdao-buys-700m-in-us-treasury-bonds\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/#person\",\"name\":\"Jacob Oliver\",\"url\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/jacob-oliver-editor-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/jacob-oliver-editor-300x300.jpg\",\"caption\":\"Jacob Oliver\"},\"jobTitle\":\"Former Editor\",\"description\":\"Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. 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