MakerDAO’s community approved a proposal Monday to deploy up to $100 million in USD coin (USDC) from its reserve on DeFi protocol Yearn Finance, where the deposited stablecoin will earn a yield. Maker will open a non-custodial vault on Yearn with a $100 million limit to deposit USDC from its “peg stability module,” or PSM, which backs the value of Maker’s decentralised stablecoin DAI. MakerDAO is expected to earn a 2% annual yield with the strategy, according to the proposal submitted at the end of November.
