The participants of Maker Foundation approved usage of USD Coin (USDC) as collateral on DeFi platform MakerDAO.
USDC can now be used to open Maker Vaults in order to generate Dai. It’s the third collateral approved by Maker governance, along with ETH and BAT.
According to the statement, the community chose USDC to stabilize Dai exchange rate and mitigate liquidity issues that came up amid the recent crypto crash. The annual stability fee for USDC-denominated collateral is set at 20%. Collateralization ratio is 125%, debt ceiling is 20 million and liquidation penalty is 13%.
A US-based regulated cryptocurrency exchange CoinZoom with FinCEN (Financial Crime Enforcement Network) launches accounts for institutional and retail investors along with CoinZoom Visa card that will allow users to buy, sell and spend a wide variety of cryptocurrencies on the exchange. CoinZoom Visa card supports payments through Chip, Contactless and PIN, also it can be used in ATMs to withdraw cash. The platform’s engine instantly converts coins to USD, which is used to complete the purchase.
Todd Crosland, founder, and CEO of CoinZoom commented:
We are extremely pleased to work with Visa as we launch CoinZoom. Visa’s dominance as a global leader in digital payments, is a tremendous asset as CoinZoom begins to reshape the global cryptocurrency marketplace. Our goal is to provide cryptocurrency traders with the best platform for buying, selling, and spending digital assets.