The decision was put to an extraordinary executive vote outside of the usual weekly schedule, with the aim of urgently increasing Dai (DAI) liquidity following last week’s market instability.
USDC now joins Ether (ETH) and Basic Attention Token (BAT) as accepted forms of collateral which can be used to open vaults and generate Dai.
The move follows extensive discussion in the Maker community on the merits of adding USDC, and appropriate risk parameters for the token. There was also a public discussion of the potential impact of adding a centralized stablecoin as a collateral type.
Ultimately, the community decided that the swift addition of USDC might address Dai price instability and liquidity issues that have been prevalent since the Ether market crash.