Mr Floyd was an unarmed black man who died after a Minneapolis police officer kneeled on his neck for more than eight minutes as he told them “I can’t breathe”.
Floyd’s death has sparked mass protests across the US, with governors in several states calling in National Guard troops in an attempt to maintain order.
Prosecutors cited the “severity of the charges” and public outrage as the reason for upping Derek’s bail from $1m.
The 44-year-old ex police officer is facing charges of second-degree murder and manslaughter. Three other arresting officers are charged with aiding and abetting murder.
As he appeared in court earlier today, Mr Chauvin, did not enter a plea and did not speak during the 15-minute hearing.
Judge Jeannice M Reding set a bail of $1.25m with no preconditions, or $1m with conditions that include Mr Chauvin not contacting Mr Floyd’s family, surrendering his firearms and not working in law enforcement or security as he awaits trial.
His lawyer did not object to the bail price.
Mr Chauvin, is currently being held at the Minnesota state prison in Oak Park Heights, after being transferred several times.
His next court appearance is set for 29 June.