Two years ago, the cryptocurrency company Circle announced the launch of USDC, a stable currency pegged to the US dollar. This week, Circle revealed that it has launched a high-yield digital dollar business account with an APY of up to 10.75%.
- On September 26, 2018, the Circle and Center open source consortium launched an ERC20 token called USD Coin or USDC.
- At the time of issuance, USDC was the 12th largest blockchain by market capitalization, with USD 2.8 billion in circulation today. Under the tether (USDT), USDC is the second most popular stablecoin.
- Circle said at the press conference: “USDC is the first of several fiat tokens that Center hopes to provide, and Circle is the first of several fiat tokens to be launched.”
- On November 5, 2020, Circle’s official Twitter account posted a tweet introducing USDC commercial accounts that provide high-yield returns. “Circle plans to introduce short- and medium-term high-yield interest rate commercial accounts based entirely on USDC. Starting with an 8% APY, please make sure you have a place on the waiting list today. The company wrote on Twitter:
- The waiting list webpage states: “Ensure the position of high-yield digital dollar corporate accounts on the waiting list. Talk to us and explore short- and medium-term high-yield interest rate accounts built entirely on USDC so that you can be the first person when the service is available .
- APY’s 8.50% public deadline quote stated that it has no withdrawal limit and account holders can access its digital currency at any time. For a fixed period of 12 months, 10.75% can be obtained, and 10.25% for six months.
- The company’s website details “pay interest weekly and generate interest every day”, and the process “integrates into your Circle account and can be customized via Circle API”.
- Almost all cryptocurrencies, such as Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH), can be used in high-yield interest-bearing accounts through various channels. However, regardless of taste, stablecoins usually generate higher interest rates.
What do you think of Circle’s introduction of high-yield digital dollar corporate accounts to USDC? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Circle,
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article or related thereto.