Pigeon, Eagle, Phoenix: How Maker Will Use US Treasuries to Buy Ethereum and Boost DAI

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Decrypting DeFi is Decrypt’s DeFi email newsletter. (art: Grant Kempster) Maker, the project underpinning the market’s largest decentralized stablecoin DAI, is taking big strides into the world of centralized finance. Maker is tying up with firms like Coinbase, Gemini, and Coinshares, and even buying up U.S. treasuries and corporate bonds from BlackRock (yes, that BlackRock). For example, Coinbase Prime offered to pay the protocol 1.5% on a massive chunk of USDC that is currently being used as collateral behind DAI. Similarly, Gemini said it would pay out another 1.25% for an ...

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