Maker says protocol's assets are fully collateralized but the DAI stablecoin has nevertheless depegged due to a 3.1 billion USDC collateral exposure.
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 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.
Maker also wants to eliminate exposure to decentralized finance protocols Curve and Aave in their entirety. According to Maker, Curve"uses a fixed $1 price for USDC," which"presents a risk of bad debt accrual and potentially bank runs with cascading market insolvency if the market price of USDC falls significantly below the current collateral factor.
Finally, Maker proposes to increase the protocol's debt ceiling to the USDP stablecoin issued by Paxos from 450 million DAI to 1 billion. The firm wrote: "Paxos has relatively stronger reserve assets versus other available centralized stablecoins, consisting primarily of U.S. treasury bills, reverse repurchase agreements collateralized by U.S. treasury bonds. They face relatively lower potential for impairment versus other available stablecoins"
On Mar. 10, USDC depegged from the U.S. dollar after its issuer, Circle, disclosed it had $3.3 billion worth of funds collateralizing the stablecoin stuck on now-defunct Silicon Valley Bank. At the time of publication, USDC is currently trading at $0.9025. In light of the news, the DAI stablecoin has also degged to $0.9235.
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