MakerDAO information emergency proposal addressing 3.1B USDC publicity

Based on a discussion board publish from MakerDAO, the issuer of the U.S. dollar-pegged DAI (DAI) stablecoin, on March 11, the agency requested an “pressing govt proposal to mitigate dangers to the protocol.“ Maker mentioned it possessed a number of collaterals “uncovered to USDC tail threat” in gentle of the extraordinary depegging of the (USDC) stablecoin that started on March 10. MakerDAO at the moment has over $3.1 billion price of USDC in collateral backing DAI.

Firstly, Maker proposes decreasing the debt ceiling of UNIV2USDCETH-A, UNIV2DAIUSDC-A, GUNIV3DAIUSDC1-A and GUNIV3DAIUSDC2-A liquidity supplier collaterals to 0 DAI. Subsequent, Maker desires to cut back the every day minting limits of its USDC peg stability module from 950 million DAI to 250 million DAI, and enhance the price from 0% to 1% to stop “extreme dumping of USDC.“ One other stablecoin module, GUSD, may even see its every day minting restrict diminished from 50 million DAI to 10 million DAI if the proposal passes.

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