• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Coinbase scraps plans for crypto lending program

September 20, 2021 by David Barret Leave a Comment

September 20, 2021

(Reuters) – Coinbase Global Inc has scrapped its plan to launch an interest-yielding USD Coin (USDC) lending program, the cryptocurrency exchange said in a blog post.

The move comes days after U.S. regulators said it would sue Coinbase if it went ahead with its program allowing users to earn interest by lending digital assets.

“As we continue our work to seek regulatory clarity for the crypto industry as a whole, we’ve made the difficult decision not to launch the USDC APY program,” Coinbase’s blog post said. (https://bit.ly/3tVaUuw)

USDC is a stablecoin that is pegged to the U.S. dollar and can be redeemed for $1 on a one-to-one basis.

The crypto exchange also said it has discontinued the waitlist for its USDC APY (annual percentage yield) program, a high-yield alternative to traditional savings accounts that would have paid lenders of USDC to Coinbase a 4% APY.

Coinbase, which said it has seen a rise in crypto interest account in recent times, had been planning to offer a principal guarantee to lenders of USDC in their Coinbase account.

It added that a 4% APY on USDC would provide a customer eight times the national average on high-yield savings accounts, based on a Bankrate.com survey of U.S. savings accounts in June 2021.

(Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber)

Source Link Coinbase scraps plans for crypto lending program

David Barret
David Barret

Related posts:

  1. Guinean political prisoners freed, regional bloc to discuss coup
  2. Pakistan suggests inviting Taliban-run Afghanistan to regional forum
  3. Soccer-Premier clubs could face sanctions if they play South American players
  4. Tigray forces killed 120 civilians in village in Amhara – Ethiopia officials

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • How To Fake A Fossil: Find Out More In Issue 36 Of CURIOUS – Out Now
  • Is It True Earth Used To Take 420 Days To Orbit The Sun?
  • One Of The Ocean’s “Most Valuable Habitats” Grows The Only Flowers Known To Bloom In Seawater
  • World’s Largest Digital Camera Snaps 2,104 New Asteroids In 10 Hours, Mice With 2 Dads Father Their Own Offspring, And Much More This Week
  • Simplest Explanation For “Anomalous” Signals Coming From Underneath Antarctica Ruled Out
  • “Lizard Shampoo” And Pagan Texts Suggest “Dark Age” Medicine Wasn’t So Dark After All
  • Japanese Macaques May Mourn Their Dead – As Long As They’re Not Maggot-Infested
  • This Is What You’d Hear If You Listened To Voyager’s Golden Record NASA Sent To Interstellar Space
  • RFK Jr’s New Vaccine Advisors Just Recommended Fall Flu Vaccines – But There’s A Catch
  • Controversial World-First Project To Create Human DNA From Scratch Takes First Steps
  • Humans Weren’t The First Species To Travel Around The Moon. They Lost This Race To An Unexpected Animal
  • When You Hack A Shark, You’re Exploiting A Glitch Billions Of Years In The Making
  • Wellness Whales, A New Blood Type, And A DJ Set From Space
  • Hate Flying Ants? We Used To Have Ones The Size Of Hummingbirds
  • ‘Tis The Season To See Titan Cast A Shadow On Saturn – Especially If You Are In America
  • World’s Bravest Vets Put Full Metal Dental Crown On A Bear For The First Time
  • “Spider Rain”: The Bizarre Phenomenon That’ll Send Arachnophobes Into A Spin
  • Scientists Gave Mice A Human “Language Gene” And Something Curious Unfolded
  • Surveillance Of People Is More “Pervasive And Normalised” Than Previously Thought, Endangering Our Privacy
  • US Sees 90 Percent Drop In Heart Attack Deaths Over Last 50 Years
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version