The MakerDAO community rejected a proposal to use up to $500 million of the stablecoin USDC to invest in bonds with crypto investment firm CoinShares.

CoinShares had proposed to manage between 100 million and 500 million USDC and actively invest the money in a portfolio of corporate debt securities and government-backed bonds, aiming to return a yield matching the Secured Overnight Financing Rate (SOFR). SOFR currently stands at 3.8%.

Some 72% of votes were cast against the proposal. The voting concluded Monday.