Mhairi
March 3, 2022, 11:16am
1
This UMIP will add yvUSDC, an interest-bearing stablecoin tokenizing USDC deposited in YEARN V2 Vaults, as approved collateral currency. This will involve adding the currency to the whitelist and adding a flat final fee to charge per-request. The proposed final fee is 400 yvUSDC per request.
| UMIP-93 | |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add yvUSDC as a whitelisted collateral currency |
| Authors | Pascal Tallarida (pascal@jarvis.network) |
| Status | Approved |
| Created | 09/05/2021
| Discourse link | https://discourse.uma.xyz/t/add-yvusdc-as-approved-collateral/1060 |
## Summary
This UMIP will add yvUSDC, an interest-bearing stablecoin tokenizing USDC deposited in YEARN V2 Vaults, as approved collateral currency. This will involve adding the currency to the whitelist and adding a flat final fee to charge per-request. The proposed final fee is 400 yvUSDC per request.
## Motivation
yvUSDC is an ERC20 token reprenseting one's USDC deposit within Yean's V2 USDC Vault.
It is an interest-bearing stablecoin which grows in value automatically (the yvUSDC/USDC rate is constantly going up, following the yield generated by the vault).
Adding yvUSDC as collateral will allow the creation of new synthetic assets backed by this stablecoin which only grows in value. For example, it will allow us, at Jarvis, to launch new liquidity pools based on yvUSDC (see [UMIP-34](https://github.com/UMAprotocol/UMIPs/blob/master/UMIPs/umip-34.md).
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