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Decentralized finance pioneer MakerDAO will be converting as much as $500 million worth of its DAI stablecoin to use for investing in treasuries and bonds.
The move was executed by Maker Governance on Oct. 6 following a vote to diversify the protocol’s portfolio. The funds will be channeled into short-term US treasury bonds and investment-grade corporate bonds, traditionally safe havens in times of economic turmoil.
According to MakerDAO, the allocation of DAI will “promote the usability of digital assets in the traditional space, extending DAI’s influence beyond crypto.”
Maker Governance executed the first DAO balance sheet investment in high-quality bonds.
MIP65: Monetalis Clydesdale will activate a Maker Vault for the purpose of investing PSM’s USDC in liquid bond strategies with a debt ceiling of 500 million DAI. pic.twitter.com/LlpBUkYXxE
— Maker (
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