The extended bearish trend caused panic and massive sell-offs in the crypto space. But it seems that the industry still records progressive moves. For example, a recent report shows a new partnership between Coinbase and MakerDAO. This collaboration aims to become the largest USDC holder. The world’s largest crypto exchange Coinbase announced the partnership. According to the announcement, MakerDAO, the lending protocol, and Coinbase Prime, an institutional client of the exchange, will custody a total of $1.6 billion USD Coins. Also, the report disclosed that the partners would earn 1.5% returns from the assets. Related Reading: Reasons Behind The Bitcoin Price Rally – Is It Sustainable? Before agreeing to this collaboration, MakerDAO protocol conducted a vote which gained 75% support for the proposal. Coinbase Excited About USDC Holding According to the reports, Coinbase is excited about this move. The reason is that stablecoins have seen a boost in recognition recently. As a result, investors now rely on these assets to protect the value of their investments. When other crypto prices fluctuate sporadically, stablecoins remain stable without depegging. Cases of depegs have been recorded in the past. But they only occurred on specific occasions, such as the general market crash of 2022. Due to the nature of these cryptos, many investors see them as an essential part of future finance. For a stablecoin such as USDC, the g...
