Coinbase stated in a June 15 tweet that it now gives 4% rewards on USDC.
Coinbase’s newly elevated reward charge implies that the corporate has roughly doubled its beforehand supplied returns on USD Coin (USDC).
As lately as June 9, the corporate’s web site stated that prospects might solely earn 2% on USDC bought or held in a Coinbase account.
Coinbase stated immediately that reward charges are topic to vary and famous that probably the most up-to-date charges might be considered inside buyer accounts. The corporate has not added the 4% reward charge to the most recent model of its public USDC web page.
The reward program’s necessities — corresponding to eligible areas, minimal USDC balances, and account necessities — might be considered on Coinbase’s help pages.
USDC rewards not named in SEC case
Just lately, the SEC charged Coinbase and alleged that a number of of its actions violate securities choices. In a single cost, it stated that Coinbase’s staking service, which permits customers to earn curiosity on cryptocurrency, constitutes an unregistered securities providing.
Coinbase’s web page distances USDC rewards from the focused companies, stating: “You can not stake USDC, however … could also be eligible to earn rewards on USDC.”
Although the SEC didn’t goal the corporate’s USDC reward program in its newest case, the regulator prevented Coinbase from launching its related Lend program in 2021. That program would have seen Coinbase lend out customers’ USDC to be able to present rewards to customers; it by the way supposed to supply 4% APY curiosity as nicely.
Nonetheless, Coinbase funds its USDC rewards program with its personal funds. Coinbase is a member of the CENTRE consortium, which is liable for USDC.
The submit Coinbase doubles USDC rewards to 4% amid SEC scrutiny on staking services appeared first on CryptoSlate.
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