[BIP-43] Redeem Treasury FEI for USDC


There is currently 2,515,349.77 FEI in the treasury that originated from a treasury swap that occurred in October 2021. Under the original agreement, the DAO was to use these funds for operational expenses. The SP’s passed so far require payment in USDC, so I believe it is a good time to convert the FEI into USDC so that the DAO can use it later on to pay expenses without needing to convert the FEI every time the DAO pays out.


  1. Balancer DAO multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will approve 2,515,349.77 * 10^(18) FEI to the FixedPricePSM contract at 0x2a188f9eb761f70ecea083ba6c2a40145078dfc2
  2. 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will call the redeem function on the FixedPricePSM contract with the following inputs:
  • to: 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f
  • amountFeiIn: 2515349770000000000000000
  • minAmountOut: 2513349770000000000000000 (2000$ less than amt fei in, let me know if anyone has any concerns with this number)
  1. 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will approve 2513349770000000000000000 (min amount out above) DAI to be spent by the Maker: PSM-USDC-A contract at 0x0A59649758aa4d66E25f08Dd01271e891fe52199

  2. Will call exit on the PSM-USDC-A contract with the following inputs:

  • guy: 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f
  • wad: 2513349770000000000000000

I would appreciate if someone could independently verify the above process. The transaction will be simulated beforehand regardless to make sure all goes well.

EDIT: Correction on Step 3 and 4. We actually want to communicate with the dsspsm contract 0x89B78CfA322F6C5dE0aBcEecab66Aee45393cC5A

  1. 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will approve 2513349770000000000000000 (min amount out above) DAI to be spent by the DssPSM contract at ** 0x89B78CfA322F6C5dE0aBcEecab66Aee45393cC5A**

  2. 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will call buyGem on the DssPSM contract with the following inputs:

  • usr: 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f
  • gemAmt: 2513349770000 [have to account for USDC’s 6 decimals"

The full transaction has been simulated here, thank you @solarcurve for the help.


this makes sense since our costs have gone way up since enacting the SP model. As you mentioned the preferred mode of payment is USDC for some of our largest expenses. we still hold our TRIBE in alignment with our past agreement.


We are in favor of this.

There are no practical differences between using FEI and USDC. As you mentioned, most SPs are requesting funds in USDC, so its ideal to convert it now, rather than in small chunks.

It is a large amount of FEI, too that will relieve some pressure from the treasury instead of it sitting idle.