Coinbase stated in a June 15 tweet that it now provides 4% rewards on USDC.
Coinbase’s newly elevated reward fee implies that the corporate has roughly doubled its beforehand supplied returns on USD Coin (USDC).
As not too long ago as June 9, the corporate’s web site stated that clients may solely earn 2% on USDC bought or held in a Coinbase account.
Coinbase stated right this moment that reward charges are topic to alter and famous that probably the most up-to-date charges may be considered inside buyer accounts. The corporate has not added the 4% reward fee to the most recent model of its public USDC web page.
The reward program’s necessities — similar to eligible areas, minimal USDC balances, and account necessities — may be considered on Coinbase’s assist pages.
USDC rewards not named in SEC case
Not too long ago, 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’t 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 comparable Lend program in 2021. That program would have seen Coinbase lend out customers’ USDC with a purpose 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 publish Coinbase doubles USDC rewards to 4% amid SEC scrutiny on staking companies appeared first on CryptoSlate.
