Coinbase customers around the world can now earn up to 1.5% APY on USDC

TL;DR Last week the MakerDAO community approved a Coinbase proposal that will allow them to earn 1.5% APY on their USDC treasury holdings. Today, we’re extending the USDC rewards program to all Coinbase customers globally.

By Coinbase

Product

, October 31, 2022

, 2 minutes read time

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There’s now another reason to use the most trusted and reputable digital dollar: starting today, customers in the United States, United Kingdom, and European Union* will earn up to 1.5% APY¹ on their USD Coin (USDC). Over the coming weeks and months, we’ll launch this program to the rest of the world.

Stable by design

We co-founded USDC in 2018 with the vision of an open, global financial system built on crypto rails and blockchain infrastructure. We believe that it will be a key component of a new financial paradigm since it bridges the gap between the worlds of crypto and fiat. USDC is a stablecoin pegged to the US dollar, and it’s unique from other stablecoins in that it’s backed by high-quality reserves held in U.S. regulated financial institutions and has transparent, regular attestations of assets. Stablecoins have many uses, from trading in digital asset markets, to making payments, to sending value around the world. We launched USDC to allow more people to access these actions in a faster, easier, and more cost-effective way-- continuing to drive towards our goal of economic freedom for all. 

Digital dollar with global reach

While the value of many cryptocurrencies and local currencies can fluctuate by the minute, holding a fiat-backed stablecoin like USDC gives customers stability and confidence during periods of high volatility. It’s also a secure, cheaper, and faster way to transfer value around the world. As a digital dollar, USDC transcends borders and banking hours, making it easy to send and receive funds or pay for goods and services. In addition, we believe USDC will improve access to Decentralized Finance (DeFi) and allow millions of more users to save, spend, borrow, and lend in better ways. 

Now, customers globally can earn rewards on their USDC while taking advantage of its many uses.We are committed to making USDC easy to access, safe to trust, and rewarding² to hold. Visit the Coinbase blog or follow us on Twitter to stay up to date on all things USDC.  

*Excluding Germany and Italy

¹Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you canclick here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.

²Coinbase regularly assesses the rate and may make periodic changes.

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