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Stablecoin GUSD Gets a Boost from DeFi Giant Maker Protocol

2 mins
Updated by Gerelyn Terzo
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In Brief

  • The Maker Governance team voted to add stablecoin GUSD as a collateral asset to the protocol.
  • Gemini Co-Founder Tyler Winklevoss announced the news on Twitter.
  • Maker boasts $1.47 billion currently locked in DeFi.
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Stablecoin Gemini Dollar (GUSD) just got a ticket on the DeFi train. The Maker Governance team has green-lighted the regulated USD-backed stablecoin as a collateralized asset for loans on the Maker Protocol.
Tyler Winklevoss, who along with his twin brother Cameron is a co-founder of cryptocurrency exchange Gemini, announced “some good DeFi news” on Twitter. He pointed out that the “M1P6 proposal to add GUSD as a collateral asset to the Maker Protocol passed unanimously,” making it a winning proposal with green light status on the poll. The vote is no doubt a shot in the arm to GUSD, which currently ranks as No. 500 on CoinMarketCap with a market cap of $11.2 million. Maker boasts $1.47 billion currently locked in DeFi.

Seeing Double

Next up for Winklevoss is a governance call, which has the Maker community seeing double. Tyler showed up on the M1P6 Collateral Onboarding Application forum, which is where user monet-supply first proposed adding GUSD to the mix. One Maker community member hopped over to Twitter to ask the verified Tyler Winklevoss if it was truly him on the forum, which the Gemini co-founder confirmed by saying, “That’s me.”   It’s not that GUSD is the most in-demand stablecoin. But fortunately for Gemini, the Maker Governance team is looking for diversification:
Source: Maker Forum
That appears to be fine with Tyler Winklevoss, who pointed out on the Maker forum that unlike some of its rival stablecoins, GUSD received regulatory approval by the New York State Department of Financial Services. He also noted the coin’s transparency, saying:
GUSD publishes the names of the financial institutions (State Street, Goldman Sachs, etc.) that hold the USD that correspond to GUSD.
gemini usd

DeFi Boom

As previously alluded to, Maker is the one to beat in the DeFi space. It supports cryptocurrency lending and borrowing fueled by its own coins and smart contracts on the Ethereum blockchain. It’s no secret that DeFi is the hottest trend going in the cryptocurrency market currently. According to CoinGecko, the DeFi market cap currently  hovers at $18.3 billion. It is still early innings in the DeFi market, whose popularity some people have compared to the days of the ICO craze.
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Gerelyn Terzo
Gerelyn caught wind of bitcoin in mid-2017, and after becoming smitten by the peer-to-peer nature of crypto has never looked back. She has been covering the space ever since. Previously, she wrote about traditional financial services, Wall Street and institutional investing for much of her career. Gerelyn resides in Verona, N.J., just a hop, skip and a jump from New York City.
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