MakerDAO has a treasury in the billions of dollars. It's almost entirely the funds users have posted as collateral to borrow Maker's native DAI. As of this summer, MakerDAO has moved $2.2 billion of its $5 billion under management into U.S. Treasurys. Interacting with so-called "real world assets" was always in the vision for MakerDAO.
"DAO treasuries are key to unlocking some new DeFi primitives. This year, I think tokenized T-bills are the clear primitive to unlock"