1. Who is the interested party for this collateral application?
Michael Dunworth, on the team at Wyre.
2. Provide a brief high-level overview of the project, with a focus on the applying collateral token
Collateralized USDC, GUSD, PAX, BUSD Bundled together as one asset.
- More efficient feedback loop for risk teams.
- Reduce idiosyncratic risk from one entity.
- Perfect time given that we’re about to head into a heavily volatile market (thus end traders/holders want savings/security, and not leverage).
- No slippage on redemption would result in additional opportunities & awareness for MakerDAO.
3. Provide a brief history of the project
Posting for awareness & show support due to the current market conditions/community discussion.
4. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
- Link any available audits of the project. Both procedural and smart contract focused audits.
- Link to any active communities relating to your project.
7. How is the applying collateral type currently used?
PAX - Institutional/Digitized Assets
USDC - Institutional/DeFi
GUSD - Institutional/Merchant
BUSD - Institutional/Exchanges
8. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
All counterparty’s are deliberately chosen for their jurisdiction, and path for recourse. USA, Licensed Money Services Businesses.
Our aim is to ensure security at all times above everything else. As an agnostic platform, we curate any counter-party’s for rate optimization, so long as there’s a clear path for either:
- Regulatory recourse - Centralized licensed entities that satisfy all current obligations with state & federal regulators. E.g FinCEN Registration, NMLS, SOC1/SOC2 Audits.
The below is not applicable for this collateral
- Cryptographic Recourse - Distributed (often labeled “Decentralized”) teams operating open-source protocols, where digital assets are secured transparently on-chain with verifiable cryptographic rules. Primary consideration always being “Duration Of Immutability”.
*Additional factors such as Insurance coverage, Team Control, Asset Types, Participants are considered but secondary in cryptographic recourse given irreversible transactions.
9. Where does exchange for the asset occur?
Functionally it’d be a contract on-chain. Implementation could look many different ways. CHAI (vending machine) or AragonUI (Auto-OTC desk)
For demonstration purposes, you can see it here on Aragon.
That’s a demo btw, Can formalize if people take this application seriously.
(Out if scope for this doc) Additionally, we can extend it to be a DSR like opportunity.
E.g If assets are stored in custody, and the custodian is offering interest, then that becomes more DSR growth opportunities from the CeFi world, or similar. Stronger DSR means stronger motivations to generate DAI.
10. (Determined by Legal Domain Team) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.
Search Legal Name for:
- “Wyre, Inc.” & “Wyre Payments Inc”
- “Gemini Trust”
11. (Determined by Legal Domain Team) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.
- The entities are licensed and regulated, but the asset itself (GUSD, USDC, etc) are not (afaik).
12. (Optional) List any possible oracle data sources for the proposed Collateral type.
Wyre, Coinbase, Gemini, PAX, Binance.
13. (Optional) List any parties interested in taking part in liquidations for the proposed Collateral type.
We would already intend on doing all of this if needed and can do it automatically. If it’s better for the community for us not too, then we don’t have to of course!
Hope this helps move things forward
There’s a deeper dive external doc available if this is of interest
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