Users of the Open Finance lending protocol Compound can now lend and borrow USDT following a poll of the protocol’s governance token holders.
In a recent poll on whether to add USDT to the protocol, 797,981.28 votes were cast in favor of the proposal vs. 85,580.73 votes against, with Polychain Capital casting the most votes followed by Compound CTO and founder Geoffrey Hayes.
This is the first proposal processed via Compound’s governance system since it went live earlier this month. Last year, the project also launched a community vote to gauge user interest in adding new assets to Compound, with Maker and USDT leading that tally.
It’s worth noting that although users can supply and take out USDT loans, the stablecoin cannot be posted as collateral, as stated in the proposal.
Although Dai and USDC are the most used stablecoins in the DeFi space today, per Loanscan data, USDT is still the most liquid across the overall crypto market, taking up over 78% of the market share. Read More