MakerDAO files emergency proposal addressing 3.1B USDC exposure
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According to a forum post from MakerDAO, the issuer of the U.S. dollar-pegged Dai (DAI) stablecoin, on March 11, the firm requested an “urgent executive proposal to mitigate risks to the protocol.“ Maker said it possessed multiple collaterals “exposed to USDC tail risk” in light of the extraordinary depegging of the USD Coin (USDC) stablecoin that began on March 10. MakerDAO currently has over $3.1 billion worth of USDC in collateral backing DAI.
Firstly, Maker proposes reducing the debt ceiling of UNIV2USDCETH-A, UNIV2DAIUSDC-A, GUNIV3DAIUSDC1-A and GUNIV3DAIUSDC2-A liquidity provider collaterals to 0 DAI. Next, Maker wants to reduce the daily minting limits of its USDC peg stability module from 950 million DAI to 250 million DAI, and increase the fee from 0% to 1% to prevent “excessive dumping of USDC.“ Another stablecoin module, GUSD, will also see its daily minting limit reduced from 50 million DAI to 10 million DAI if the proposal passes.
