Crypto lending protocol MakerDAO approved opening a real world asset (RWA) vault for Coinbase Custody and the transfer of up to $500 million in USDC stablecoins, according to a vote concluded on Thursday.

The U.S.-based crypto exchange’s custodial arm will pay a 2.6% annual yield on deposits, a related post on Maker’s governance forum said. The proposal forbids Coinbase Custody to rehypothecate – lend, reinvest or use in other ways – the assets in the account.

Coinbase must keep the tokens in cold crypto wallets, the Maker community favored in a parallel vote. Maker will be able to withdraw funds from the vault within 24 hours, and funds in cold storage are insured up to the $500 million limit.

Maker, one of the largest decentralized lending protocols, is led by a decentralized autonomous organization (DAO), in which holders of its native maker (MKR) token vote on proposals. The protocol also issues the $5 billion DAI stablecoin, backed by some $7 billion worth of assets in Maker’s reserves.

(By Krisztian Sandor)