Despite Recent Depegging, MakerDAO Chooses to Stick with $USDC as Primary Reserve

MakerDAO, the decentralized autonomous organization that manages the lending platform Maker, has voted to retain $USDC as the primary reserve asset for its $DAI stablecoin, despite a recent depegging incident. This decision was made after a turbulent period during which $USDC temporarily lost its dollar peg following the collapse of key banking partner SVB.

The MakerDAO community voted in a ranked-choice vote, with 79% of participants in favor of keeping $USDC as the primary reserve asset, while the rest preferred to diversify the reserves.

MakerDAO issues the $5.3 billion stablecoin $DAI, backing its value with digital assets from borrowers and, increasingly, with real-world assets such as liabilities from traditional financial institutions like banks. $USDC is also the largest reserve asset in $DAI’s Peg Stability Module (PSM), which contains $3 billion of the tokens.