ICYMI: MakerDAO approves $100 million stablecoin loan vault for 151-year-old US bank
Hugh Ragsdale, MakerDAO’s spokesperson for real world assets, said a partnership with a US-based bank will help bridge DAI with traditional finance and therefore strengthen its use.
"The HVB [Huntingdon Valley Bank] proposal enhances MakerDAO’s balance sheet and reputation. In the financial vein, Maker achieves an out-of-the-box, diversified, and wholesale solution for generating Real World Asset revenues," Ragsdale told The Block.stated that the DAI borrowed from the vault will serve to support the bank's operations. It claimed that it will also generate an estimated 3% yield for MakerDAO.
However, not all delegates were happy with the idea of a decentralized stablecoin working with traditional finance entities. Chris Blec, the founder of DeFi Watch, was the largest Maker delegate voting against the proposal. He voted no with 4,218 MKR tokens . Blec voiced concerns regarding regulatory risks that come with this deal." There is an existential risk that any of these third party deals pose to MakerDAO in the context of today's regulatory climate. What if a regulator forces this bank to freeze everything, sever ties with the DAO and take all the money?" Blec told The Block.DAI was originally founded in 2017 as a decentralized stablecoin backed with ether , the native token of the Ethereum blockchain.
In the last one year, MakerDAO has pivoted to a strategy of diversifying its treasury into real-world assets . Just recently, MakerDAO passed a vote to invest© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Vishal Chawla is a reporter who has covered the ins and outs of the tech industry for more than half a decade.
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