Treasury Announcement: The Switch to USDC

Community
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Hi all, I am wearing my Treasurer hat again.

We’re making a switch to our Grain Redemptions: SourceCred will now send out USDC instead of Dai for Grain Redemptions. This will take effect starting Monday.

The switch is primarily because it will be easier and cheaper for our contributors (especially non-crypto savvy people) to turn their USDC into USD using Coinbase. Coinbase doesn’t charge fees for exchanging USDC into USD and the exchange is instant. Currently, you need to set up a limit-order, and it sometimes takes a few hours for the order to fill, and there is also a fee charged by Coinbase for its services.

We will still be able to do Grain redemptions in Dai, at least for several months. If you have issues with USDC, or if you’d prefer Dai for any logistical reasons let me know and we can make it happen.

@Bex will be updating our Grain Redemption docs to reflect these changes.

PLEASE NOTE: starting Monday, you will need to send a “USDC” address from Coinbase instead of a “Dai” address. I will be doubly confirming with everyone starting on Monday, but just something to note.

I am still available to anyone who needs some handholding during any of their upcoming USDC redemptions.

Please feel free to ask any questions in the comments :heart:

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@panchomiguel Thank you for this update! May I suggest making some updates to the Grain Sale Request google form?

  • add a radio button option: “Do you want your payout in DAI or USDC?” (with a description: “We are making the switch to USDC, and will eventually cease payouts in DAI. For now, both are available.”)
  • make it clear in the last field that the ETH address provided has to match the currency chosen in the field above

(You can still do your double-check confirmation with people, but this should help clarify the process, especially for people who haven’t seen this post yet)

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Good call @KuraFire I’ll switch the wording on the form shortly :+1: