- GUSD is Gemini’s stabloin
- And MakerDAO owns 88% of their total turnover
The MakerDAO platform may soon give up $390 million in GUSD stabloin reserves. 94% of participants support the idea. But in January there were already votes on the issue. At the last moment there was an influx of large holders who voted to keep GUSD. As a result, with the result of 50.85%, Gemini stabelcoin remained as a reserve in the protocol.
The decision of MakerDAO is important for the stability of GUSD. The fact is that the project owns about 88% of the total turnover of this stabelcoin. They have $568 billion in reserves.
MakerDAO uses different cryptocurrencies to maintain the DAI rate. They have accumulated reserves totaling $4.5 billion. This includes various assets, including USDC and GUSD. Recently, the MakerDAO community has been reducing its stake in cryptocurrencies and transferring reserves to real assets, such as U.S. government bonds.
As we mentioned, the issuer of GUSD is the cryptocurrency exchange Gemini. It pays MakerDAO an annual reward of 2% for using its stabelcoin as a reserve.</nbsp;
The reason for rejecting GUSD is stated in the ballot proposal. Participants believe MakerDAO would have more opportunities to generate profits if it invested reserves in short-term Treasury bonds. Their yields are currently around 5%.
The reason for the vote is that MakerDAO would be better able to generate profits if it invested in short-term Treasuries.