The MakerDAO community has approved a proposal to custody up to $1.6 billion in USDC on the Coinbase Prime platform. The proposal was submitted by Coinbase and will allow MakerDAO to earn a 1.5% reward on its USDC.

NEAR Protocol’s USN stablecoin is being phased out after it started showing characteristics observed in TerraUSD, the algorithmic stablecoin that collapsed earlier this year. The stablecoin, issued by the DAO Decentral Bank, recently became uncollateralized.

Apple has updated its App Store policy to restrict apps from using non-fungible tokens (NFTs) to incentivize users to purchase items or features the tech giant isn’t able to tax. The company charges up to 30% on all purchases made on its App Store and money spent when using apps.

Top stories in the Crypto Roundup today:

• MakerDAO Approves USDC Institutional Rewards Program With Coinbase
• NEAR Protocol to Wind Down Undercollateralized Stablecoin
• Apple Starts Restricting Apps From Using NFTs to Avoid App Store Fees
• Chart of the Week: Volumes and 1% Market Depth for AA&A Tier Exchanges

MakerDAO Approves USDC Institutional Rewards Program With Coinbase

The MakerDAO community has approved a proposal to custody up to $1.6 billion in USDC on the Coinbase Prime platform. The proposal was submitted by Coinbase and will allow MakerDAO to earn a 1.5% reward on its USDC.

The funds, according to Coinbase, will be kept in a secure safe, while being accessible 24/7/365 to the DAO Peg Stability Module. In a statement Jennifer Senhaji, growth and business development lead at MakerDAO, said:

"This proposed collaboration with Coinbase (COIN) follows an approved signal of intent by the MakerDAO community to increasingly invest Maker’s collateral into short-term bonds.”

Senhaji added that the additional monthly revenue being generated through the deal enables Maker to “further advance its overarching mission to create a global, trustless financial future built on decentralized rails.”

The move marks the first time Coinbase’s USDC rewards program is being offered to an institutional client.

NEAR Protocol to Wind Down Undercollateralized Stablecoin

NEAR Protocol’s USN stablecoin is being phased out after it started showing characteristics observed in TerraUSD, the algorithmic stablecoin that collapsed earlier this year. The stablecoin, issued by the DAO Decentral Bank, recently became uncollateralized.

According to a statement issued by the NEAR Foundation, a non-profit supporting the protocol, USN was originally an algorithmic stablecoin, but was upgraded over the summer to be non-algorithmic and fully 1:1 USDT-backed.

Decentral Bank has reportedly contacted the NEAR Foundation to advise it that USN became undercollateralized and “susceptible to undercollateralisation during extreme market conditions.” Given these conditions, the Foundation recommended Decentral Bank wind down the project, which the organization announced it would do, writing:

“USN has faced many headwinds over the last few months with increased regulatory focus, and changes in market perception from recent high-profile incidents. As a result of these issues, we have taken the difficult decision to wind down the USN project in a controlled and responsible manner in a way that ensures USN holders are protected.”

The NEAR Foundation has used $40 million to fund a “USN Protection Programme” to protect investors as the stablecoin shuts down.

Apple Starts Restricting Apps From Using NFTs to Avoid App Store Fees

Apple has updated its App Store policy to restrict apps from using non-fungible tokens (NFTs) to incentivize users to purchase items or features the tech giant isn’t able to tax. The company charges up to 30% on all purchases made on its App Store and money spent when using apps.

In a recent update, Apple’s policy started prohibiting apps from using NFTs that include “buttons, external links or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”

Apps on the App Store can still “sell services related to” NFTs, such as “minting, listing and transferring.” Additional “features or functionality” is not allowed. These additional features being added to NFTs is way creators use to boost their utility and value.

Apple has long been criticized by several companies for charging a 30% commission. NFTs startups have criticized the tech giant, as NFT marketplaces often charge one-tenth of that percentage.

Chart of the Week: Volumes and 1% Market Depth for AA&A Tier Exchanges

In this week’s Chart of the Week we take a look into the trading volume and market depth in selected Top-Tier exchanges based on CryptoCompare’s latest Exchange Benchmark.

Binance remains the dominant cryptocurrency exchange in terms of trading volume and market depth, followed by FTX, Coinbase, and Kraken.

State of the Crypto by Top Tier Exchange Volume

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