MakerDAO hasapprove$100 million loan for Huntingdon Valley Bank, a US regulated bank Founded in 1871, it will open a stablecoin vault to allow banks to borrow DAI tokens after depositing off-network loans as collateral.
MakerDAO is the issuer of Dai stablecoin (DAI), which DAO voted on.offer Maker Improvement Proposal (MIP) #6 It concluded with more than 87% of the votes supporting the bank’s proposal to open the Maker vault.
Banks will be able to borrow up to $100 million, with the debt ceiling rising to $1 billion over the next 12 months. The Delaware-based trust company MakerDAO Bank Participation Trust will jointly manage the bank’s credit on behalf of MakerDAO.
Hugh Ragsdale, a spokesperson for Real-World Assets MakerDAO, said the partnership with the US bank would be a huge success. It will help connect DAI with traditional finance. and make use stronger
“HVB offer [Huntingdon Valley Bank] It enhances MakerDAO’s balance sheet and reputation. In finance, Maker achieves instant, diversified, and real-world asset monetization solutions,” Ragsdale told The Block.
verseformal offerstates that the borrowed DAI will serve to support the bank’s operations And it claims to generate around 3% return on MakerDAO.
As indicated by the vote The DAO’s majority supported the deal, with ACREinvest, the representative who voted “yes” for it.opinion“This innovation will open the door for others to imagine what is possible outside of TradFi.”
However, DeFi Watch founder Chris Blec was the largest maker representative to vote against the proposal, where he voted “no” with 4,218 MKR tokens (3.1% of the vote), with Blec voicing concerns about regulatory risks. accompanying this agreement
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