The MakerDAO community has approved a proposal to place as much as $1.6 billion in USD coin (USDC) with Coinbase Prime, where it will yield 1.5%.

MakerDAO is the issuer of the DAI stablecoin. Coinbase Prime is crypto exchange Coinbase's institutional custody service.

"This proposed collaboration with Coinbase (COIN) follows an approved signal of intent by the MakerDAO community to increasingly invest Makerrs collateral into short-term bonds," Jennifer Senhaji, growth and business development lead at MakerDAO, said in a statement.

Last week, it was reported that 88% of the community votes were in favor of the proposal.