Cryptocurrency

Circle drops Yield rates to 0%

Circle, the company that operates and issues USDC, has lowered the APY rate for Circle Yield products to 0%.

As emphasized by Ed Zitron, CEO of media affiliate EZPR, Genesis is the driving force behind Circle’s Yield product and invested $25 million in Circle.

ZItron wrote about its concerns over Circle in June, citing the company’s statement admitting that it was “exposed to credit risk” through its partnership with Genesis.

In response to Zitron’s tweet, another Twitter user, Michael, described the Circle Yield’s drop to 0% as “incredibly obvious”, saying that this negative drop in yield will attract new capital. It suggests that it shows more concern about the outflow of negative payments than it does.

The announcement, posted on Circle’s official Twitter account on November 16, details an over-collateralized fixed-term yield product, a $2.6 million loan balance, and a guarantee that the loan is safe from potential losses. was described.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button