- With USDC in their Coinbase wallet, users can now receive monthly payouts on Base with an annual percentage yield of 4.7%.
- While customers in the United States should notice the functionality this week, users worldwide can enjoy the new USDC incentive.
A new reward system for the USD-pegged stablecoin was unveiled by Coinbase Wallet, the digital wallet platform owned by the massive cryptocurrency exchange Coinbase.
The Coinbase-incubated Layer 2 network Base now pays out a 4.7% annual percentage return to users that have USDC in their Coinbase Wallet on a monthly basis. According to Wednesday’s release, users worldwide can access the USDC reward, and those in the US should receive the functionality this week.
Previously, Coinbase increased the rewards return from 2% to 4% for users who held USDC. According to its FAQ, the cryptocurrency exchange uses its own money to compensate USDC holders in an effort to encourage more people to use Coinbase’s services to store USDC.
In 2018, Coinbase and stablecoin issuer Circle collaborated to launch USDC. Coinbase acquired an unknown equity investment in Circle in August 2023.
After Tether’s USDT, USDC is the second most widely used USD-pegged stablecoin. USDC has about 25% of the total quantity of stablecoins, which stands at 107.33 billion.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
