USDC: Coinbase and MakerDAO are launching a rewards program!

Crypto prices are still down from their all-time high. But while the markets are still in turmoil, Coinbase, one of the largest exchanges in the world, believes that stablecoins are the solution to creating a financial system that will work for everyone. To realize this dream, what better than collaborating with MakerDAO to launch a USDC Institutional Rewards Program?

Coinbase, an Ever Stronger Commitment to USDC

The global financial system is going through a big crisis. Traditional finance or decentralized finance, each of them faces difficulties that sometimes seem insurmountable. Amidst all this chaos, Coinbase, Brian Armstrong’s crypto company, believes stablecoins hold the key to a new financial paradigm. Why ? Because they bridge the gap between the worlds of fiat and cryptocurrencies.

To do so, on Monday, the MakerDAO community approved the exchange’s program that will allow them to earn rewards on their USDC holdings. As a reminder, USDC is the second largest stablecoin by market capitalization. By accepting this proposal, the MakerDAO community will keep over $1.6 billion USDC with Coinbase Prime.

For the crypto business, this partnership with MakerDAO comes as no surprise. Indeed, the decentralized lending protocol is the largest holder of USDC tokens. Therefore, it is natural to join forces with him to launch a pilot program of institutional awards. According to Jennifer Senhaji, Growth & Business Development at MakerDAO, “ This proposed collaboration with Coinbase follows a signal of intent endorsed by the MakerDAO community to increasingly invest Maker collateral in short-term bonds (…) In addition to Coinbase’s established reputation, it is a longtime partner of MakerDAO. The additional monthly revenue generated from this deal enables Maker to advance its overall mission to create a global, trustless financial future built on decentralized rails. »

The Coinbase Institutional Rewards Program has many benefits. Apart from those tangible to the MakerDAO community, this initiative demonstrates the exchange’s commitment to the growth of stablecoins, its users, and DeFi empowerment.

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