Maker Considering Adding Gemini and Binance USD as Collateral

By Abhimanyu Krishnan | News | 1 Sep 2020

The governance community of decentralized credit protocol Maker will undertake a final vote on whether to approve Gemini USD and Binance USD as collateral on the platform, after an initial vote took place on August 17.

  • An initial vote to check the feasibility of supporting Gemini USD and Binance USD was approved on August 17, with a final vote to take place on an unannounced date
  • Maker’s governance facilitators asked users to vote on 11 different tokens to determine which ones were the most popular choice for addition as collateral
  • While GUSD and BUSD were selected, several other tokens also displayed popularity, including REN, TrueGBP, TrueAUD, TrueCAD and the UniswapV2 USDC-ETH Liquidity Token
  • Maker officials have stressed that this does not guarantee that the two tokens will be supported as collateral 
  • Maker approved Kyber Network (KNC) and 0x (ZRX) as collateral in late June 2020, just a few weeks after approving two real world assets as collateral
  • In addition to the aforementioned tokens, Maker’s current list of approved DAI generating tokens includes Basic Attention Token (BAT), USD Coin (USDC), Wrapped Bitcoin (WBTC), TrueUSD (TUSD) and Decentraland (MANA)

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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