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The move could redefine baseline interest rates in the DeFi space, spurring higher stablecoin lending rates and making leverage more expensive, one analyst noted.
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The result is a significant blow for Paxos as MakerDAO currently holds roughly half of USDP’s total supply.
Over 79% of voters approved the option to keep USDC as the protocol’s primary collateral.
Paxos will now be able to offer blockchain and crypto services in the city-state.