USDC Remains the Primary Reserve on MakerDAO After Voting Process

• The MakerDAO community voted in favor of USDC stablecoin as a primary reserve.
• Over 79% of MakerDAO’s community voted to maintain USDC as the primary reserve.
• The latest poll was based on a proposal by MakerDAO’s Risk Core Unit.

Based on the outcome of a governance poll on MakerDAO, the DeFi giant’s community has overwhelmingly voted in favor of retaining the USDC stablecoin as a primary reserve. In the poll, which concluded on Thursday, March 23, 2023, 79.02% of MakerDAO’s community voted to maintain USDC as the primary reserve, while 20.69% supported diversification across multiple stablecoins.

The poll was based on a proposal by MakerDAO’s Risk Core Unit. The unit suggested distributing the network’s Peg Stability Module (PSM) stablecoin reserves across multiple assets. That could provide the benefits of diversification and risk distribution, where an impairment to one stablecoin would have a lesser impact on the network’s solvency.

Users believe the depegging recently encountered by USDC in the aftermath of the Silicon Valley Bank collapse may have triggered the call for reserve diversification. According to the core team, the proposal ta…

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