Maker DAO will consider transferring 3.5 billion USDC to Ethereum

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DeFi-protocol Maker DAO is considering buying Ethereum for $3.5 billion to replace USDC in providing its DAI stablecoin, the developer of the DeFi-platform Yearn Finance under the nickname ‘banteg’ reported.

Circle company, the issuer of the USDC stablecoin, blocked addresses associated with the Tornado Cash cryptomixer on August 8. The blacklisting of Tornado wallets has called into question the decentralization of the stable DAI coin from MakerDAO, since the token is secured by USDC by 32%. The share of Ethereum is 16%.

At the same time, Ethereum founder Vitalik Buterin, in response to ‘banteg’ message, noted that transferring collateral from USDC to ETH is a risky idea. He warned that if the price of ETH falls, the cost of DAI will decrease. According to Buterin, the share of Ethereum can be no more than 20%.

MakerDAO is a DeFi platform that is managed by a decentralized autonomous organization (DAO) consisting of holders of the Maker token. According to the analytical platform DeFi Llama, MakerDAO ranks first in terms of TVL (total value locked — the total value of funds contributed by users to the project) in the list of decentralized platforms with an indicator of $8.91 billion.

Earlier, Eric Voorhees, CEO and founder of the Swiss ShapeShift platform, recommended that the MakerDAO community start immediately transferring its collateral funds from USDC stablecoins to another stable cryptocurrency that is more resistant to censorship.

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