The community of DeFi project MakerDAO has just approved a proposal to transfer $500 million in stablecoins into short-term US Treasuries and corporate bonds.
The decentralized autonomous agency (DAO) working under the project has given the green light to a $1 million test transaction, while the rest of the funds will be placed in bonds over the next few days.
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According to MakerDAO participants, the initiative is driven by the desire to strengthen the project's balance sheet with the help of traditional liquid and low-risk assets.
The project has teamed up with DeFi consulting firm Monetalis to implement the plan.
80% of the allocated amount will be placed in short-term US Treasury bonds, the remaining 20% in corporate bonds.
The $500 million will be split equally between asset managers Sygnum Bank and Baillie Gifford, with Monetalis participating.