Despite looming troubles around the Winklevoss twins' crypto firm, the overwhelming majority of MakerDAO voters favor keeping the $500 million Gemini USD stablecoin ceiling in Maker’s PSM reserve. sndr_krisztian reports
) facility, which acts as a reserve system with $7 billion of assets to back its DAI stableoin’s value and price peg to the dollar.
Starting in October, Gemini has been paying a 1.25% annual yield to Maker on GUSD holdings based on an earlierThe voting comes as Gemini, the issuer of GUSD, is under pressure after halting withdrawals from its yield-paying product, called Gemini Earn, and because of a lawsuit by the top U.S. securities regulator. Gemini is the brainchild of mega-crypto investors Cameron and Tyler Winklevoss, who still helm the company.
“Recent MakerDAO governance discussions have raised concerns about GUSD’s heavy reliance on the PSM and Gemini holding GUSD reserves at Silvergate,” Riyad Carey, analyst of digital asset research firm Kaiko, wrote in a
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