USDC tokens are created to provide security from cryptocurrency market volatility.  USD Coin (USDC) is pegged against the U.S. dollar on a 1:1 basis. Every unit of the cryptocurrency in circulation is backed up by US$1 held in reserve, which is in a mix of cash and short-term U.S. Treasury bonds.

Jeremy Allaire expressed:  “Really thrilled to be part of the community investing in Syndicate DAO, so much innovation on the way.  We are excited to find ways for legal DAOs to leverage crypto treasury infrastructure and fiat to USDC connectivity.”

The community was wondering if the Circle would offer grants for forming these?  The Instant DAO Creator Syndicate makes it possible for anyone to be able to set up an investment community “for less than $10 in less than a minute.”

Syndicate is a new protocol that permits anyone to create an investment DAO.  Andreessen Horowitz, widely known as 16z, is the firm that has been pushing for more diverse governance of crypto projects.  They have recently today announced a $20 million Series, which is a funding round where Andreessen Horowitz leads the participants.

More than 150 new and diverse investors were involved in the process.  The participants consisted of Bill Ackman’s Table Management, BNP Paribas Group-backed Atelier Ventures, Coinbase Ventures, Ashton Kutcher and Guy Oseary’s Sound Ventures, and Snoop Dogg Ventures.

Ian Lee, Protocol Creator, when talking in June, while commenting on the panel on investment DAOs on Coinshares conversions, stated, “Syndicate is creating a decentralized investing protocol that enables anyone to create an investment syndicate on the Internet for less than $10 in less than a minute.”

He also stated that this was nearly a thousand times cheaper than any other method of setting up such a fund.  This is also potentially a way for several hundreds and thousands of people to be able to participate in developing and investing in the world’s next big technologies companies and networks.

For clarity, DAOs focus on democratizing investments. It helps with a lot of things like making it possible for investors to pool their capital, talent, and network to provide for early-stage projects, help small groups curate NFTs, etc. There is no hierarchy in DAOs nor one point of failure.  The decision-making process is encoded in smart contracts, and these decisions are encoded autonomously on the blockchain. DAOs make use of their own governance tokens to vote on which projects to invest in.

Creating a DAO is still challenging.  There are several DAO Creation platforms like Aragon, Gnosis Safe, Colony, Moloch, and DAOStack.