A foray into traditional assets like US government bonds is paying dividends for one of crypto’s biggest decentralized lenders — and for investors in its digital token. MKR, the governance token of the $5 billion MakerDAO, has rallied 55% in July, outpacing all other major cryptocurrencies tracked by Bloomberg and hitting a 15-month high. The windfall for MKR holders traces its origin to a decision MakerDAO made in June 2022 to invest funds backing its DAI stablecoin in assets like short-term US Treasuries and corporate bonds. MakerDAO’s hoard of traditional assets now stand at around $2.5 billion, just over half of its total holdings, according to Dune Analytics’s dashboard.
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