USDC Backing Maker’s Stablecoin DAI Plummets to 23%
The decentralization of the world's largest decentralized stablecoin, DAI, has increased as the amount of USDC stablecoin backing it decreased to 23.6% from 50% in August 2020. DAI is now increasingly backed by real-world assets, short-term US government bonds, and cryptocurrencies such as Ethereum and STETH. However, the shift to US treasuries and proposals from US-based BlockTower Capital mean DAI is still exposed to US regulation. Meanwhile, MakerDAO has approved a $1.6 billion USDC deposit to Coinbase Custody for stable yields, and BlockTower Capital's proposal for another RWA pool worth $1.2 billion is currently in the voting phase.