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MakerDAO Approves Deployment of $100M USDC on DeFi Protocol Yearn Finance

Decentralized finance (DeFi) giant MakerDAO’s community approved Monday a proposal to deploy up to $100 million USD Coin (USDC) from its reserve on DeFi protocol Yearn Finance, where the deposited stablecoin will earn a yield.

Per the decision, Maker will open an individual non-custodial vault on Yearn with a ceiling set at $100 million to deposit USDC from its Peg Stability Module (PSM), which backs the value of Maker’s decentralized stablecoin DAI.

According to the proposal submitted at the end of November last year, MakerDAO is predicted to earn a 2% annual yield with the strategy.

Some 72% of voters favored the plan. For final implementation and the transfer of funds from the PSM, a further “Executive Vote” is necessary, according to MakerDAO’s tweet.

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