DeFi lending protocol MakerDAO has voted to ditch $500 million in the Paxos Dollar (USDP) stablecoin from its reserve assets, impacting half of the token’s supply. sndr_krisztian reports
for booting USDP argued that holding the stablecoin does not accrue revenues for MakerDAO, hurting its capital efficiency as the protocol prepares to hike rewards rate for its own stablecoin, DAI.
“While Paxos has raised the possibility of a marketing fee scheme, to date there has not been concrete progress towards implementing this,” per the proposal. “If marketing payments are eventually implemented, Maker would be able to increase USDP debt ceilings in response.”
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