MakerDAO’s DAI has significantly reduced its reliance on USDC as a collateral asset. Over the past few months, it has gone from $2.4 billion at the start of the year to about $520 million now.
The amount of USDC reserved within MakerDAO’s peg stability module (PSM) has decreased significantly since the start of the year, with PSM allowing users to deposit USDC and mint DAI at a 1:1 ratio.
In January 2023, approximately $2.4 billion of USDC was locked in PSM, according toInformation about DeFiLlama But now, this number has dropped to about $520 million, indicating a 78% decline in the amount of USDC directly used to support DAI.
USDC’s overall share of DAI margin reserves fell from about 50% to just 8%, according toInformation about DeFiLlama The current supply of DAI is 4.7 billion.
“Reliance on USDC is declining because we finally have a way to get a return on those unproductive assets,” said Sébastien Derivaux, analyst at MakerDAO’s Strategic Finance unit.
Much of the decline was due to MakerDAO’s move to diversify its balance sheet with real-world assets. According to the core team It highlighted that MakerDAO used $1 billion in USDC reserves to purchase US Treasury bills and transferred an additional $500 million worth of USDC to Coinbase Custody to earn.
meanwhile The role of Ethereum derivatives as collateral for DAI is also growing, with wrapped ether (WETH) and wrapped staked ether representing the largest collateral of DAI, representing $4.3 billion, or 68% of the total collateral value.
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