Lower than 24 hours earlier than the vote’s finish, roughly 94% of those that have already voted are in favor of the proposal to chop GUSD. Nevertheless, an identical proposal in January noticed a late rush of votes in favor of retaining GUSD, pushing that facet to a razor-thin 50.85% majority.
The vote is important for GUSD’s future, as Maker holds roughly 88% of the stablecoin’s $568 million circulating provide. Maker backs the worth of the $4.5 billion DAI by holding cryptocurrencies corresponding to Circle’s USDC and GUSD within the reserve, and more and more by investing in real-world belongings like authorities bonds.
Gemini – the crypto change based and run by Tyler and Cameron Winklevoss and the issuer of GUSD – pays a 2% annual reward to MakerDAO for utilizing the token as a reserve asset. The proposal, nevertheless, argued that the platform might take pleasure in higher income alternatives, for instance by investing in short-term U.S. Treasuries, which at the moment provide a couple of 5% yield.
“Decreasing GUSD publicity might enable for higher capital effectivity by deploying funds into larger income producing alternatives,” the proposal mentioned.