Summary
This proposal announces the submission of sUSDS as collateral on steakUSDT for Ethereum.
Rationale
sUSDS from MakerDAO/Sky is the yielding version of the DAI/USDS stablecoin in circulation since 2019. On Bluechip, DAI is rated B+ vs D for USDT. S&P assessed both stablecoins with a ranking of 4 (constrained).
Market details
The market id is0x3274643db77a064abd3bc851de77556a4ad2e2f502f4f0c80845fa8f909ecf0b and is using the oracle already used the 94.5% sUSDS/USDT market. It is based on DAI, but DAI and USDS are the fungible (sUSDS is just an ERC4626 wrapper). You can find all the information on the market here.
We are using 96.5% LLTV which is consistent with the ample liquidity, especially as MakerDAO/Sky keeps a liquidity buffer of USDC at 1:1. Notice that neither DAI nor USDT are hardcoded.
Supply Cap: 50M USDT
Next steps
Please feel free to comment or ask any question in this thread or via DMs.
As always, Steakhouse vault holders can easily veto any change using the Aragon guardian over the next 7 days, which follows the best-in-class risk standard for lenders.
For reference, here is the Aragon DAO links where users can wrap their vault token and create a vote: