MakerDAO (CRYPTO: DAI) transferred $250 million, half of the $500 million it holds, from its Coinbase (NASDAQ: COIN) custody account to DAI’s peg stability module (PSM).
The goal is to protect the peg for its DAI stablecoin, as reported by Blockworks.
PSM is a collateral pool that lets users mint USDC for DAI 1:1 and arbitrage DAI back to its dollar peg.
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DAI’s USDC reserves are required to be ...