Andreessen Horowitz Backs Moving USDC to Coinbase Prime
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Venture capital firm Andreessen Horowitz has just backed Coinbase's proposal to move one-third of USDC from MakerDAO's Peg Stability Module (PSM) to Coinbase Prime.

Porter Smith, partner at Andreessen Horowitz, has said:

"We're excited to support Coinbase 's proposal for USDC institutional rewards with MakerDAO, which has a lot of positive implications for both parties and represents the beginning of a new potential partnership for MakerDAO."

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According to data provided by Block Analytica, the amount of USDC in PSM amounts to $3.37 billion. If the MakerDAO community accepts Coinbase's offer, assets valued at $1.11 billion will be sent to Prime, which is aimed at institutional investors. The funds will be placed at a rate of 1.5% per annum.

Voting on the initiative will last until next October 24. At the moment, the proposal had the support of more than 85% of the participants.

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