Decentralized Finance Pioneer, Set Up To Challenge Legacy Banking System, Moving $500 Million Into US Treasuries and Corporate Bonds

One of the original decentralized-finance protocols that was set up to challenge the legacy banking system is moving $500 million into short-term US Treasuries and corporate bonds. From a report: MakerDAO, the so-called decentralized autonomous organization that supports the crypto stablecoin DAI, is shifting $500 million worth of the token to the fixed-income obligations, which have traditionally been havens for conventional investors during times of turmoil. The move aims to diversify MakerDAO's balance sheet, limit exposure to any one asset and expand revenue, according to a statement issued by the DAO on Thursday. The allocation of DAI will promote the usability of digital assets in the traditional space, extending DAI's influence beyond crypto, the statement said. The community behind MakerDAO, which was launched in 2015, agreed to put 80% of the fund in short-term Treasuries and 20% to investment-grade corporate bonds, after an initial vote was put in place in late June.

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