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MakerDAO approves $750 million in US government bonds

To diversify the collateral backing the DAI stablecoin, MakerDAO has decided to invest more in U.S. Treasuries.

By Mike Hesp
• 1 min read
MakerDAO approves $750 million in US government bonds

To diversify the collateral backing the DAI stablecoin, MakerDAO has decided to invest more in U.S. Treasuries.

Stablecoin issuer MakerDAO approved on March 16 a proposal to increase its portfolio of U.S. government bonds by $750 million. In a vote the increase of the debt ceiling from $500 million to $1.25 billion was approved by 77% of the Maker delegates.

The bonds will be purchased every two weeks over a six-month period at $62.5 million each. In a discussion with Cointelegraph, a MakerDAO representative said the measures are intended to "diversify the cash reserves backing DAI."

DAI had lost its peg to the U.S. dollar on March 11. The reason was the USDC depeg, which was also out of balance.

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