September 20, 2020

Coinbase will pay 1.25% per annum on deposits in stablecoin USDC

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Starting November 2, 2019, cryptocurrencyCoinbase will pay 1.25% per annum on deposits in stablecoin USDC. The bonus will be received by clients of the company who keep at least $ 1 on their USDC balance.

The trading platform will automatically chargepercentage every month. Max Branzburg, director of Coinbase's product department, said that coin owners will be able to track the size of the rewards in real time. The resulting digital assets can be used to purchase another cryptocurrency on the exchange. According to the manager of the enterprise Paul Katson, many platform users withdraw money to a bank deposit account in order to receive payment on deposits. Thanks to the new Coinbase bonus program, they will have the opportunity to increase capital inside the site.

Branzburg noted that the annual percentagethe yield on deposits in USDC is 15 times higher than the average profit that customers of American banks can get by opening a savings account in dollars. The maximum rate on dollar deposits at Sberbank is 0.85% per annum, so the Coinbase offer is beneficial for Russians. Juan Reginatto, the director of Circle startup, who issued USDC in partnership with Coinbase, believes that the bonus program will be in high demand among residents of countries with developing economies, as it will help people not only save capital in an unstable national currency, but also receive income.

Max Branzburg said that in the future Coinbasecan launch similar promotions for other cryptocurrencies presented on the trading floor. According to him, the project, providing for the payment of interest to the owners of USDC, is the first step towards creating a system of remuneration for long-term investors. Max promised that the exchange will continue to develop new ways to promote customers.