The financial report for July 2021 is available here.
Another challenging month as lower appetite for credit and decreased stability fees led to lower lending demand and income. PSM income was down 78% and net recurring income was down 55% month over month. On a year over year basis, all key metrics are up significantly with recurring income up 94x.
- Recurring income decreased to 3.2M (-55% vs last month)
- DAI was never so safe. We are now above 2.79% in CET1 ratio (risk-weighted assets leverage ratio).
- The peg is super safe as we have 64% of our assets as liquidity reserves (fiat-backed stablecoins)
- USDC exposure has increased to 62% which is probably too much on a single counterparty (see here for our view on it).