Coinbase launches a reward program for its US customers that will return users’ money for each USDC holders.
October 3, 2019, | AtoZ Markets – USD Coin (USDC) is an ERC20 stablecoin supported by the US dollar. USDC allows people to use US dollars without requiring a bank account or specific geography. This digital currency is regulated, transparent, and verifiable.
The USDC is the 23rd crypto by market capitalization of around $452 million at press time. USDC is the product of an open-source technology consortium called CENTER, co-founded by Circle and Coinbase. CENTER is responsible for the governance of cryptocurrency and focuses on the growth of use between institutions, traders, and people around the world.
USDC Holders’ Rewards
Coinbase has declared the launch of a crypto rewards program for its users. Beginning of Wednesday (October 2), eligible US customers will earn 1.25% APY for each stable USDC currency they hold on the exchange. According to Coinbase, “USDC Rewards is for Coinbase customers to earn a return on USD Coin holdings without having to sell or trade any cryptocurrency.”
Coinbase also notes that the exchange does not “lend or manage” its users’ USDC holdings. “Your crypto is yours and always remains in your account. You earn money simply by storing your crypto securely on Coinbase,” says the company.
It is one of many on a long list of crypto that aims to maintain a stable pin to the fiat currency consistently. Since its launch, its value has fluctuated steadily between around $ 0.99 and $ 1.02. According to CoinMarketCap, the crypto asset currently has a volume of 144.5 million dollars in the last 24 hours.
Coinbase intends to extend its crypto reward program to other cryptocurrencies. A Coinbase spokesperson tells The Block: “We are always exploring new ways to help Coinbase customers grow their crypt wealth. Before USD Coin Rewards, we started offering customers a way to earn crypto to learn about new assets through Coinbase Earn. As always, we are invested in developing products that are more beneficial to our customers and help us build an open financial system “.
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