Can MakerDAO’s RWA Pivot Succeed?
Treasury Allocation:
MakerDAO has shifted ~60% of its reserves into real-world assets (RWAs), primarily short-term U.S. Treasuries (~$2.5B), yielding ~5% to back DAI.

DAI Stability Risks:

USDe Threat: Ethena’s USDe, with ~20% yields via staked ETH hedging, lures users away from DAI’s 5% savings rate.

RWA Dependence: Centralized bond exposure (~80% via Monetalis/BlockTower) introduces counterparty risk.

Outlook:
Maker’s RWA strategy boosts revenue but hinges on maintaining DAI’s peg amid USDe’s growth. Success requires balancing yield competitiveness with decentralization—or risk losing market share.