MakerDAO is “seriously” considering moving away from USD

The founder of MakerDAO, Rune Christensen, said on the project's official Discord channel that they are seriously considering moving away from using Circle's stablecoin USD Coin (USDC) following the immediate closure of USDC addresses sanctioned by US authorities for interacting with Tornado Cash.

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In a big development, Rune Chirstensen, founder of MakerDAO has urged all the members to “seriously consider” preparing the depeg of the DAI stablecoin from the U.S. Dollar. The comments came on the MakerDAO discord channel on Thursday, August 11, after the U.S. Treasury sanctioned crypto mixer Tornado Cash earlier this week.

MakerDAO is set to discuss whether it needs to remove the USDC backing for DAI which could depeg the stablecoin from the US dollar. The post MakerDAO founder says it's ‘almost inevitable' DAI will abandon USD peg appeared first on The Block.

Following Circle's freeze of blacklisted Tornado Cash addresses, MakerDAO is re-assessing the risks associated with its USDC collateral. The post MakerDAO plans against sanctions from USDC exposure appeared first on CryptoSlate.

On 18 July, MakerDAO's native token, MKR, rode the ongoing bull wave to mark its spot at a high of $1,043. However, this was followed by a retracement that sent the price of the token chasing new lows.

Makerdao, the decentralized autonomous organization (DAO) that issues the stablecoin DAI, approved a governance vote that provides “collateral integration from a U.S.-based bank.” The Makerdao governance vote passed by a majority vote of more than 87%, and it allows the U.S. financial institution Huntingdon Valley Bank the means to leverage a stablecoin vault.

A Delaware-based trust company called MakerDAO Bank Participation Trust will co-manage the bank's loan assets on behalf of MakerDAO.  The post MakerDAO approves $100 million stablecoin loan vault for 151-year-old US bank appeared first on The Block.

MakerDAO is voting on collaborating with traditional banks and could extend its arm into the traditional finance space if the proposal passes this week so let's have a closer look at our latest cryptocurrency news.

The MakerDAO community is currently voting on its first proposal, which would integrate a traditional bank into its ecosystem. The Protocol will form a DAI debt ceiling trust with 100 million DAI in Delaware.

As the bear market trend is getting more intense, many protocols and other crypto-related firms are making moves for survival. On its part, MakerDAO plans on a minimal risk investment strategy to raise revenue.

MakerDAO, the decentralized autonomous organization (DAO) behind the DAI stablecoin, is voting on how to allocate $500 million in treasury funds. The proposal is aimed at helping the organization navigate the ongoing bear market through investments in United States treasuries and bonds.