Coinbase offering 4% yield on USDC held by customers, rivaling major banks

Blockworks
Blockworks

29 Jun 2023 5:56 PM

Coinbase launched 4% rewards on USDC for all Coinbase customers on June 15, adding that the “rate is subject to change and can vary.”...

  • Coinbase Advanced, the trading platform for sophisticated traders, will offer up to 4% rewards on USDC held on Coinbase or used in open orders.
  • The rewards program is funded with Coinbase's own funds and aims to incentivize customers to use Coinbase services to store their USDC.
  • This 4% yield offering is significant as it rivals the APY offered by major banks for high yield savings accounts.
  • Coinbase Lend, a program that planned to offer a 4% APY on USDC, was canceled due to regulatory hurdles and threats of legal action by the SEC.
  • Unlike Coinbase Lend, the current rewards program does not involve loaning out customer funds.

The sentiment of the article is generally positive, highlighting the benefits of Coinbase Advanced's rewards program and its competitive APY rate.

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You May Ask

What is Coinbase Advanced?What are the rewards offered by Coinbase Advanced for holding USDC?How does Coinbase fund the rewards program?Why was Coinbase Lend canceled?How does the current rewards program differ from Coinbase Lend?

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