--- tags: Summaries --- # MIP92: Onboard PSM USDC to Yearn to earn Yield This is a summary of the contents of this proposal and its impact, from GovAlpha's perspective: - This is a valid general MIP in accordance to the General MIP template. - If passed, this MIP will onboard up to 100M USDC from the USDC PSM into a bespoke unlisted Yearn vault. - The Vault will generate yield at a variable APY. It is estimated that the APY will be around 2% or higher with 100M USDC invested in it. - A list of [investment strategies](https://forum.makerdao.com/t/mip92-onboard-psm-usdc-to-yearn-to-earn-yield/18971#current-strategieshttpsvaultsyearnfinanceethereumstables-available-in-yvusdchttpsetherscanioaddress0xa354f35829ae975e850e23e9615b11da1b3dc4decode-14) that the vault might adopt is proposed. Choices of which strategies to pursue, deposit limits, debt ratios, and corresponding risk profiles are controlled by Maker Governance. - Yearn Vault collateral is controlled by a [6-of-9 multisig wallet](https://docs.yearn.finance/security/multisig) with the signatories being well-known figures in DeFi. Maker may either choose this setup or a different solution. The author recommends that Yearn still have permissions for operations procedures, including emergency situations. - Yearn charges a 20% performance fee. The fee rates may be changed through Yearn Governance but no changes are currently planned. - This proposal has been assigned `High-Impact` based on the methodology listed [here](https://manual.makerdao.com/governance/off-chain/impact-estimations). ***Disclaimer: These summaries are intended to be a guide and not a source of truth. You remain responsible for any actions you take on the grounds of this information. Please note the date when the summary was last updated to judge accuracy.*** *Updated 2022-12-30*