Coinbase doubles USDC rewards to 4% amid SEC scrutiny on staking services
Coinbase said: June 15th Tweet that you are offering a 4% discount on USDC.
Coinbase’s newly increased reward rate means it’s nearly doubled the USD Coin (USDC) return the company previously offered.
recently June 9the company’s website states that customers can only earn 2% on USDC purchased or held in their Coinbase accounts.
Coinbase said today that reward rates are subject to change, and that the latest rates can be found within customer accounts. The company has not added a 4% reward rate to the latest version of its public USDC page.
Rewards program requirements (eligible regions, minimum USDC balance, account requirements, etc.) can be found on the Coinbase website. help page.
USDC Compensation Not Named in SEC Lawsuit
Recently, the SEC sued Coinbase, alleging that some of its activities violated its offering of securities. In one complaint, Coinbase’s staking service, which allows users to earn interest in cryptocurrencies, is offering unregistered securities.
Coinbase’s page keeps USDC rewards away from the service, stating, “You can’t bet USDC, but … you may earn rewards in USDC.”
Although the SEC did not target the company’s USDC rewards program in this lawsuit, regulators blocked Coinbase from launching a similar Lend program in 2021. Under that program, Coinbase will lend users’ USDC to reward them. By the way, we were going to offer his 4% interest rate on APY as well.
However, Coinbase finances the USDC rewards program with its own funds. Coinbase is a member of the CENTER consortium responsible for USDC.
The article Coinbase doubles USDC rewards to 4% amid SEC oversight of staking service first appeared on CryptoSlate.
