1.5B New DAI Minted in The Past Month, Maker Now Earning $400k per day in Revenue

1.5 Billion New DAI Minted in The Past Month, Maker Now Earning $400k per day in Revenue

Stablecoins have been ruling the crypto world since last year.

The total stablecoin supply is ready to hit $90 billion, up from $28 billion at the beginning of this year and $5.87 billion in January 2020.

Tether (USDT) remains the dominant stablecoin at over $56 billion market cap, followed by USDC at $16 billion, BUSD at $8 billion, and DAI at about $4.7 billion.

DAI is a fully collateralized stablecoin native to Maker’s decentralized autonomous organization (DAO), whose supply has gone vertical this year, adding almost 4.5 billion to its supply after starting the year around a $1.1 billion market cap.

The surge in DAI supply first started in July 2020, around the time the DeFi mania took flight when it was just at $130 million. Now, in less than a fortnight, DAI has minted $1 billion.

Interestingly, Maker is earning 4% APY on every dollar of DAI in circulation right now.

Maker, the original DeFi protocol itself, is one of the most profitable decentralized finance projects whose revenue is increasing on a constant basis.

At the beginning of the year, Maker was earning just over $52k per day, and by the end of the same month, it had hit the $100k mark, which after constant increments is now earning almost $463k in revenue daily.

Maker (MKR) has been earning $400k in revenue per day since April 28th.

This has the monthly revenue of Maker hitting $10.45 million in April, up from $2.55 million in January, an increase of 310% YTD. Already, so far in May, the project has generated $3.55 million in revenue.

Popular DEX Uniswap (UNI) is leading with its $113 million revenue, followed by Compound (COMP) by $46 million last month. Both Sushiswap (SUSHI) and Aave (AAVE) also made it to the top DeFi earners list with $35 million and $24 million respectively.

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Author: AnTy

Bitcoin Overcomes Technical Hurdle; Ethereum Prints 7 Consecutive Green Monthly Candles

Before moving into the weekend, Bitcoin started seeing traction and made its way past $58,500.

As of writing, we are still keeping around $57k on the back of very low funding rates. The highest Bitcoin funding rate is currently 0.0376% on Binance despite the price of Bitcoin increasing by about 11.5% to its highest level since mid-April.

Low funding rate has been the case ever since April 17, when over a million traders were liquidated for $10.1 billion. The funding even further minimized after another $4 billion were liquidated on April 22nd.

The same has been the case for ETH funding rates which are the highest at 0.056% on OKEx, while the price continues to hit a new all-time high — up 44% in the last 8 days to climb to $2,955.07 today and 0.052 BTC on Friday.

With seven straight green months in a row, Ether had its largest-ever monthly close. ETH 0.19% Ethereum / USD ETHUSD $ 2,951.18
$5.610.19%
Volume 28.03 b Change $5.61 Open $2,951.18 Circulating 115.71 m Market Cap 341.49 b
11 h Bitcoin Overcomes Technical Hurdle; Ethereum Prints 7 Consecutive Green Monthly Candles 1 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum 2 d “Institutional Money is Moving Toward Ethereum,” says Guggenheim’s Scott Minerd

With funding remaining flat, it means the rally is being led by spot buying, which makes it more sustainable and less prone to get wiped out by a brutal liquidation.

Open interest on Bitcoin futures also has yet to recover as it is currently at $19.8 billion, down from $27.68 billion on April 13. OI on Ethereum futures meanwhile continues to increase, perched on a record $8.5 billion, up from $2 billion at the beginning of this year.

Amidst all the positive action, hedge funds on CME that have been record short on Bitcoin since late last year to earn all the yield have also decreased their short exposure. Overall, the net short position has fallen to early March level.

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The latest price action has helped Bitcoin surpass the technical hurdle of its 50-day average price. According to traders, Bitcoin’s move above $57,000 is a bullish sign for further continuation, but it needs to be seen if it will be able to maintain this level.

Trader SmartContracter sees the current momentum to take bitcoin to $74,000.

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Interest in both Bitcoin and Ethereum continues to grow, especially the second-largest cryptocurrency, which has its big upgrade, London hard fork, with EIP 1559 coming in July. As we reported, Rothschild bought the shares of Grayscale Ethereum Trust for the first time in Q1, and Guggenheim’s CIO shared that money is also flowing into ETH and other credible cryptos.

Assets in Bitcoin products, including ETFs and ETPs, meanwhile have reached a record high of $9 billion at the end of the first quarter, as per ETFGI.

“If you make an investment today or you make an investment in early December like we did, you have to expect multiple 20% to 30% pullbacks in the bull-market phase,” Troy Gayeski of Skybridge Capital said this week on Bloomberg. “But that being said, I mean, the combination of extraordinary supply growth, we still think we’re in the early innings of the adoption cycle.”

Meanwhile, Mike McGlone of Bloomberg continues to see Bitcoin’s diminishing supply combined with the historically low interest rate and a substantial amount of money being pumped into the system to act as catalysts to take it to $100,000.

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Author: AnTy

“We’re Past the Point of No Return,” says Former NYSE President Who is Bullish on Crypto & DeFi

“We’re Past the Point of No Return,” says Former NYSE President Who is Bullish on Crypto & DeFi

Thomas Farley, the former president of the New York Stock Exchange (NYSE), is bullish on the entire growing cryptocurrency industry.

“The only thing I find more exciting than debating on tax policy is talking about crypto. I’m all in, and I think Coinbase (COIN) is a great company,” said Farley in an interview on CNBC.

He then shared how the largest cryptocurrency exchange in the US, Coinbase is the 8th largest exchange in the world but “if you ask the everyday American they would probably think it’s the biggest exchange in the world.”

According to him, the crypto space is “amazing,” notwithstanding the press that it has been getting. In fact, “it’s the best-kept secret in the world and maybe the history of the financial markets,” he added.

Farley then went to talk about decentralized finance (DeFi). “There’s this corner of crypto called DeFi where essentially very smart Kids are putting code up on a blockchain of their choosing, and then you have a self-operating smart contract,” said Farley.

“DeFi exchanges are doing as much volume if not more than Coinbase today,” he added.

The burgeoning DeFi space is home to DEXs, volume on which went parabolic in Q1 of 2021. Recording as much as $217 billion, volume on decentralized exchanges is up 236% from the previous quarter and a whopping 8,000% from Q1 2020, as per Messari.

While Ethereum-based Uniswap continues to lead the pack, BSC-based PancakeSwap was the winner as its market share grew from a mere 2% to 37% in the quarter.

Farley further notes that this growth has been ignored by traditional competitors like banks along with retail brokerages.

“The wall street banks who for a century have made markets in every asset around the world have ignored this and abdicated their role and allowed Coinbase to become an $80 billion company,” said Farley, adding that as retail brokerages ignored it as well, retail found other ways to access this asset class.

“I think it’s fascinating, and I think it’s here to stay. We’re past the point of no return,” he said.

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Author: AnTy

A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion

The liquidation in the past 24 hours beats the ones seen during March Crash, aka Black Thursday, and in late Feb. Propelled by Treasury rumors, high leverage, and hash rate taking a hit, BTC went down to $51,300, and Ether touched $2,000.

The cryptocurrency market crashed overnight, and the losses spilled into Sunday as well.

Losing as much as 30% of their value in the past 24 hours, about $300 billion have been wiped out from the market.

Bitcoin price went as low as $51,300, and Ether price touched $2,000 on Coinbase.

This crash could have been propelled by Treasury rumors. The market was spooked by the speculation that the US Treasury is looking to charge several financial institutions for money laundry using crypto.

Another potential reason could be the drop in the Bitcoin hash rate, which has now fully recovered while prices are in the process of it. As we reported, there has been a coal mine accident in Northwest China, leading to blackouts in the area and mining pools losing over 20% of their hashing power.

As Charles Edwards of Capriole Investments noted, “One province in China represents a significant share of the Bitcoin network,” hence the result.

Much like always, extreme leverage exacerbated the already bad situation. Setting a new record and beating the March 2020 crash, 1,063,216 traders were liquidated for an eye-watering $10.1 billion in the past 24 hours.

On March 12th, Black Thursday, the record was set just above $4 billion, while the market took another heavy beating on Feb. 21st was just under $6 billion. But now on the chart, they are just a blip.

Of course, more than half of this new record was thanks to Binance degen traders, accounting for nearly $5 billion of it.

In terms of cryptocurrency, Bitcoin longs suffered the most, followed by Ether, XRP, BNB, DOGE, and Litecoin, as per Bybt.

ETH -6.66% Ethereum / USD ETHUSD $ 2,242.92
-$149.38-6.66%
Volume 50.74 b Change -$149.38 Open $2,242.92 Circulating 115.52 m Market Cap 259.11 b
9 h Coinbase Starts Offering Eth2 Staking, Over 3.8 Million ETH Already Deposited in ETH 2.0 9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 11 h BitMEX Co-Founder Arthur Hayes Puts Ether Moon Target Above $20,000
XRP -10.61% XRP / USD XRPUSD $ 1.43
-$0.15-10.61%
Volume 22.97 b Change -$0.15 Open $1.43 Circulating 45.4 b Market Cap 64.73 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 2 d Bitcoin Drops to the “Key Support,” Path to $75k is Cleared On the Upside 4 d Coinbase Is Now Live On Nasdaq, Valuation Soars Past $100 Billion with Shares Trading Above $400
BNB -9.43% Binance Coin / USD BNBUSD $ 481.40
-$45.40-9.43%
Volume 6.71 b Change -$45.40 Open $481.40 Circulating 153.43 m Market Cap 73.86 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 3 d One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 4 d Ripple Executives File for Lawsuit Dismissal On Back of Last Week’s Victory; XRP Jumps On the News
DOGE 5.98% Dogecoin / USD DOGEUSD $ 0.32
$0.025.98%
Volume 23.52 b Change $0.02 Open $0.32 Circulating 129.24 b Market Cap 41.7 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 2 d Meme Coin Rages On: Dogecoin Hits 5th On CoinMarketCap, DOGE Inducing FOMO at $.40 3 d Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)
LTC -13.07% Litecoin / USD LTCUSD $ 274.56
-$35.88-13.07%
Volume 13.14 b Change -$35.88 Open $274.56 Circulating 66.75 m Market Cap 18.33 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 2 d Miami-Dade County Task Force Is Looking at Ways for Residence to Pay Taxes Using Crypto 3 d Grayscale Bitcoin Trust (GBTC) Is Fast Approaching World’s Largest Commodity ETF, GLD with $57B AUM

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This wipeout normalized the funding, which went negative and still is after a long time, with the highest Bitcoin funding rate as of writing at 0.1347% on Bybit. During the whole ordeal, Bybit actually traded 4.20% below the spot.

Although it is yet to be seen, the market looks to be bottomed given that the leverage ratio is decreased, though still high. In fact, the market is not in fear but is still greedy, with the Kimchi premium hitting 26% today in the aftermath of this, as per Crypto Quant.

However, according to trader Wolf, bulls need to reclaim $56,900, or bears will be in control that could further take us down to $45,300 because “this would be the first time since September that we lose important support,” of daily MA50. Another trader Bitcoin Jack actually sees a second dump likely, which could either be “truncated or much deeper.”

Overall, with futures in backwardation, low liquidity on the weekend, massive arbitrage between exchanges, and spot bids stacked as Avi Sanyal, Head of Trading at BlockTower, says, instead of panic selling, this is time to buy the dip.

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Author: AnTy

Brave Crosses 25M Monthly Active Users; Privacy Browser Continues Growth Trajectory

The number of active monthly users on Brave Browser has surged over the past year. The service is also seeing significant gains with its Brave Ads program.

Brave Browser enjoyed significant growth in 2020, capitalizing on the increasing focus on privacy to hit new milestones. The privacy-centric browser doubled its user base in 2020, setting itself up for possibly more gains in 2021.

Privacy Focus Benefits Brave

According to a press release, Brave explained that its monthly active users jumped from 11.6 million to 25.4 million last year, per its press release. Daily active users jumped similarly, moving by 126 percent from 3.8 million to 8.6 million. The number of verified content creators on the platform passed one million for the first time.

Brendan Eich, the company’s co-founder and chief executive, explained that the increase in its user base represented the increased desire for people to escape the “surveillance economy.” He explained in the release,

“25 million people have made the switch to Brave in order to protect their privacy and to regain control of their browsing experience. Users are realizing that a new way to browse the Web is just one click away with a seamless Brave download and that they can opt-out of the surveillance economy and instead get rewarded for browsing.”

Eich believes the company’s growth would continue, citing the increased influence of Big Tech companies on the internet landscape. With these firms showing a propensity for collecting user data, Brave will be there to provide a viable alternative.

Building Its Ecosystem

Brave has been doing a great deal of work to improve user security. In July, it partnered with Guardian, a VPN, and firewall service provider, to improve its iOS customers’ security.

The partnership saw the two companies capitalize on their strengths, Brave’s privacy-focused browser, and Guardian’s firewall and VPN offering. Brave’s iOS users can now turn on the Brave Firewall + VPN service in one click, protecting their devices from trackers.

However, the company has also been able to make significant strides in its Brave Ads program. The program allows users to opt-in to watch ads in exchange for the company’s native token Basic Attention Token (BAT).

Last year, Brave pointed out that several top crypto firms had signed up for its ads program. These included stock trading app eToro and crypto lending firm BlockFi.

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Author: Jimmy Aki

Mark Cuban: Blockchain’s Evolution Over Past 3 Years to Support Smart Contracts, Changed the Game

Mark Cuban: Blockchain’s Evolution Over Past 3 Years to Support Smart Contracts, Changed the Game

WSB traders are applying the same principles of the digital/CryptoAsset world, said the billionaire while name dropping Bitcoin, Ethereum, AAVE, and several NFT projects like Mintable, Rarible, OpenSea, NiftyGateway, SuperRare, NBA TopShot, and Bitcoin Origin, and CryptoSlam.

Billionaire Mark Cuban has been getting more and more cryptocurrency-friendly with each passing day. While previously he didn’t find any worth in them, at least not more than bananas, now he realizes that it’s all about the demand and supply.

And this has him penning the blog titled, “The Store of Value Generation is Kicking Your Ass and You Don’t Even Know it,” where he name drops Bitcoin, his favorite AAVE, and several NFT projects.

While Cuban has been involved in the DeFi space for some time now, the battle between Wall Street Bets and Wall Street has him and the people realizing the true power of decentralization. He wrote,

“WSB traders are applying the same principles of the digital/CryptoAsset world to the stock market, and they are loving the fact that the old schoolers are hating it.”

The owner of Dallas Maverick is slowly coming around to Bitcoin and cryptocurrencies, and in his latest write-up, he talks about the evolution in the store of value.

Previously it was gold, which any gold bug would argue has value because of its history as the foundation for currency, a hedge against inflation, and other narratives and while “there are plenty of other “precious metals” that meet the same criteria, gold simply “has more buyers,” he wrote.

Cuban says this changed over the past 3 years as the “blockchain has evolved to support smart contracts and the ability to uniquely identify digital goods and the transactions associated with them.”

Now, everything is digital, and that is all that the New Generation knows — “This generation knows that a smart contract and the digital good it reflects or a CryptoAsset are a better investment than old school sees, touch or feel uses.”

While following the same laws of supply and demand, the digital space offers all the fun and same sense of ownership, “it has none of the hassles beyond remembering my passwords and dealing with wallets,” noted Cuban.

And though digital goods and crypto-assets markets aren’t perfect with high transaction costs, influenced by narratives, and propensity to be moved by a few big players, “the bottom line is that there are a growing number of investors and traders” believe in it.

The young generation loves its different features, including no central authority, and they don’t care about the Old School Wall Street’s narratives of Price-Earnings Ratios or NPV of future cash flows that are just sales pitches “designed to reward the people with the most money.”

“The more decentralized the power, the more power that comes with the collective working together,” wrote Cuban, adding that’s what Wall Street “hates and will fight because it moves the power out of their hands.” Cuban added,

“Every generation in this country has had its unique special power. This Store of Value Generation has found at least one of their special powers in financial unity. We as a country will be far better off if we understand them, respect them and learn from them, quickly.”

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Author: AnTy

“Outrageous Demand” for Bitcoin & Crypto from Retirement IRAs

  • Grayscale continues to add Bitcoin to its stash, currently holding 570,860 BTC.
  • In the past six months, GBTC’s holdings have grown by 56% to represent more than 3% of Bitcoin’s circulating supply.

As we reported, Michael Sonnenshein, Managing Director of the Grayscale Investments, said the most extensive digital assets manager had seen inflows that “are now probably up 6x what they were last year.” Sonnenshein said in an interview on Thursday,

“It’s some of the world’s largest investors and the allocations that they’re making are bigger than we’ve ever seen before and their time horizon for this is generally something over the medium to longer-term.”

This growing demand can be further seen in the premium that people pay to get exposure to digital assets through Grayscale.

GBTC shares are currently trading at a premium of more than 30%. This premium has been slowly grinding up since early October, when it was just around 6%. However, we are nowhere near the 132% premium people paid in March 2017. On-chain analyst Willy Woo said,

“Wow 33% GBTC premium, that’s outrageous demand for Bitcoin via retirement IRAs.”

“If I was a Euro Pacific shareholder I’d be wondering why the company is not getting in on that obvious growth business. Like Kodak revolutionized photos until one day it didn’t run towards digital.”

However, it’s not just Bitcoin that Grayscale users are after. The premium on other products is even higher than GBTC except for its BCH product, which is actually on a discount (-13%).

ETHE is trading at 170% premium, ETCG 43%, and LTCN at the most significant 2,259% premium. Trader and economist Alex Kruger said,

“When crypto heats up, premiums to Net Asset Value (NAV) for Grayscale products skyrocket.”

“Driven by dumb money buying Grayscale products from a brokerage.”

Grayscale is currently holding 2.94 million ETH, 948.34k LTC, 12.29 million ETC, 225k BCH, 35.65 million XRP, 18.94 million XLM, 192.7k ZEC, and 450.11k ZEN.

In an attempt to protect the average folk by restricting access to asset purchases, SEC has ended up creating “a racket where the many subsidize the few,” said Alex Kruger. Because primary issuance is for accredited investors, an average person has to buy in the secondary market to pay a premium.

The institutions that are buying GBTC do so directly from Grayscale at a 2% fee with a 6-month lock-up but gain a premium twice a year.

The crypto market has repeatedly pointed out that more competition and ETF getting approval from the US Securities and Exchange Commission will push these premiums down.

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Author: AnTy

Crypto Thanksgiving Sale Goes Live, Black Friday to Offer More Discount?

Well, what were you expecting after an over 85% rally in these past two months?

This may have taken us all a bit by surprise despite expecting to see this coming for some time now, but it’s a Thanksgiving sale, and buying the dips is the only option.

Bitcoin started breaking one level after another, from just above $10,000 to a new 2020 high of $19,500 just yesterday. And much like BTC, altcoins have been having a wild time.

Recently, Ether went up to $620, and XRP was reaching for $1; everything was simply exploding higher and higher, approaching their mid-2018 highs.

Add today; the market has turned a deep red just like that.

Bitcoin started dropping and didn’t stop until it made its way to nearly $16,300, but the pain isn’t over yet as this 17% crash could further extend into the weekend.

At the time of writing, BTC/USD has been trading around $17,000 with a real trading volume of around $6.68 billion.

Just yesterday, crypto exchange Kraken reported an all-time high volume of $1.4 billion, with $480 million in Bitcoin, $400 million in XRP, and $198 million in ETH. After yesterday, today is going to be another big day for exchanges.

XRP recorded the biggest hit of 25%, falling to just under $0.50 level and Ether to $505.

Today’s biggest losers include Super Bitcoin (-56%), Bankera (-41%), Verge (-37%), ZEN (-32%), KIMCHI (-30%), Zilliqa (-28%), and CRV (-25%).

These deep losses resulted in wiping out $70 billion from the total market cap.

However, still, a few cryptos are recording gains: the notable ones are PumaPay (+56%), Ontology Gas (+53%), and CREAM (22%).

Bears, however, aren’t done with Bitcoin and, by extension, altcoins.

During the last bull run in 2017, the market had an average of 30% retracements nine times; such a pullback will take us to under $14,000 this time.

As Charles Edwards, founder of Capriole Investments, noted yesterday, “19.2K was a technical magnet and biggest near-term test for Bitcoin. That was the time to be super bullish. This is the time to be cautious.”

According to him, the largest cryptocurrency could slide to under $15,000.

“Conditions are very massively overbought and bound for a correction,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. He expects Bitcoin to stabilize and achieve an all-time high, but a large drop would follow even that in the prices for the cryptocurrency.

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Author: AnTy

Bull Rally Restarting: DeFi Blue Chips Giddy with Massive Uptrend

Ever since this past weekend, when Bitcoin took a dive to about $14,500, the leading cryptocurrency has taken to relax around $15,000.

With Bitcoin calming down, altcoins are the ones popping. Ethereum is keeping above $445, and although top altcoins are in the green, they are not the ones leading the market.

2020 has been all about Decentralized Finance, and this time it is no different. As a matter of fact, after enjoying a rally in August and topping out in September, recording severe losses, looks like DeFi coins are back for another round.

While the likes of Maker, Loopring, HOT, Sushi, Melon Protocol, Terra, UMA, Wrapped nexus, Bancor, and Compound are up less than 5%, they made record gains in the past week, albeit of mediocre levels.

CoTrader, Balancer, Mainframe, Curve, Augur, bZx Network, and 0x are popping up nicely today, all up over 10%. This DeFi rally, however, is all about the blue chips.

But not all Blue chips are equal, and it is Aave, which is in the lead.

Currently trading at $63, Aave is up a whopping over 140% in just the last five days. It is basically a paradise for scalpers — short-term traders that execute dozens, in some cases hundreds of times, trades per day.

These gains also have heavy negative funding on Aave futures, which means shorts are paying the longs to keep the price of the perpetual swap contracts in line with the underlying asset.

These gains came soon after Aave made the transition from its LEND token to Aavenomics. Before the rebranding as LEND, Aave was pumping hard, and afterward, as AAVE, it is pumping just as hard. Quant trader Qiao Wang said,

“Aave’s token migration and ticker change from LEND to AAVE is the one of the most ingenious price discovery tactics in the history of DeFi.”

“Although the liquidity has deteriorated quite a bit. Doesn’t take a lot of money to move the market by 10%.”

Aave is currently the 5th largest project in the DeFi sector as per its $1.18 billion of total value locked in it, down from $1.67 billion on August 30, as per DeFi Pulse. Overall, the TVL has reached a new record of $12.75 billion.

“YFI & Aave volatility is a distraction to nuke your potential gains from riding out the trend instead of scalping,” noted trader Hsaka.

YFI is another project which is popping hard, about 90% this past week while trading around $17,800. Recently, YearnFinance joined hands with Hegic to introduce Options.

A very similar action can be seen in SNX, pushing for $5. This DeFi token has jumped 20% today and 85% in the last 7 days.

“The bull market is restarting,” said Wang, adding, “Largely depends on BTC/ETH of course. But I’m long, and a buyer of dips.”

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Author: AnTy

Circle Introduces High Yield Interest Rate Accounts on the Fastest Growing Stablecoin

Over the past eight months, the market cap of USDC has surged a whopping 560%.

Before the violent sell-off at the beginning of March, this stablecoin was a mere $445 million, which is ready to hit $3 billion, as per CoinGecko.

USDC’s growth even beats the largest stablecoin Tether’s (USDT), which grew 288% during the same period. However, its total market cap is inches away from hitting $17 billion.

Also, USDC had more than $11 billion of transfer value (adjusted) earlier last week, completely annihilating the previous all-time high of $2.11 billion. However, this record was because of the exploit in the DeFi protocol Harvest Finance, which involved a series of USDC flash loans.

And Circle, which created USDC in collaboration with crypto exchange Coinbase, wants to capitalize on this growth by announcing new high-yield accounts. The tweet from Circle reads,

“Circle is planning to introduce short and medium-term high yield interest rate business accounts built entirely on USDC. Starting at 8% APY, make sure to secure a spot on the waitlist today.”

As per the website, the USDC account starts at 8.5% APY for the open term, while for the fixed term, it starts with 9.50% and can go high as 10.75% for 12-months. The interest will accrue daily and be paid out weekly. Circle states,

“Yield is generated by lending your digital dollars to a network of institutional counterparties that are willing to pay an interest rate for access to additional capital.”

The yield generation offering has been initiated in collaboration with the lending firm Genesis.

Besides high yield savings accounts, it also provides its services to corporate treasuries. Business accounts and APIs were first started in March, allowing companies to “easily upload their dollars to the internet, convert them into digital currency dollars and start storing and using stablecoins for everyday payments,” said Circle CEO Jeremy Allaire at the time.

Back in summer, Circle first started offering lending protocols and rewards for staking USDC. Last month, Circle further shared that USDC would be expanding to Solana and Stellar blockchain, adding to Ethereum and Algorand.

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Author: AnTy