Coinbase Launches High Yield USDC Accounts With 4% APY
Coinbase, the largest exchange in terms of crypto reserves held, has announced the introduction of a savings program tied to USD coin. The company’s high yield USDC savings program allows customers to gain 4% APY interest on stablecoin accounts.
Coinbase Reveals USDC Savings Program With Interest Rates Eight-Times Higher the national average
The cryptocurrency exchange Coinbase announced pre-enrollment for its usd coin (USDC) savings program that allows clients to earn a 4% APY interest rate on USDC held on the platform.
Coinbase joins firms like Blockfi and Crypto.com that already offer interest on USDC stablecoin holdings. Still, Coinbase highlights in its announcement on Tuesday, that 4% APY on USDC is “more than 8x the national average of high-yield savings accounts.”
“Everyone wants to get the best interest rate available for the assets they hold,” Coinbase explained in a statement. “But interest rates have decreased steadily over the past few decades, making it difficult to earn meaningful passive income on your assets,” the company said. Coinbase added:
“The national average for a traditional savings account hovers around 0.07%, with high-yield savings accounts still falling well short of even 1%.”
In order to get more information on Coinbase’s USDC pre-enrollment, U.S. customers can sign up at the web portal coinbase.com/lend.
