Venture capital firm Andreessen Horowitz has just backed Coinbase's proposal to move one-third of USDC from MakerDAO's Peg Stability Module (PSM) to COINBASE Prime.
Porter Smith, partner at Andreessen Horowitz, has said:
"We're excited to support Coinbase 's proposal for USDC institutional rewards with MakerDAO, which has a lot of positive implications for both parties and represents the beginning of a new potential partnership for MakerDAO."
According to data provided by Block Analytica, the amount of USDC in PSM amounts to $3.37 billion. If the MakerDAO community accepts Coinbase's offer, assets valued at $1.11 billion will be sent to Prime, which is aimed at institutional investors. The funds will be placed at a rate of 1.5% per annum.
Voting on the initiative will last until next October 24. At the moment, the proposal had the support of more than 85% of the participants.
Coinbase is a partner of the Centre Consortium.
