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Two years ago, cryptocurrency firm Circle announced the launch of USDC, a stablecoin pegged to the US dollar. This week, Circle revealed the launch of high-yield digital dollar corporate accounts with APY up to 10.75%.
- On September 26, 2018, the open source consortium Circle and the Center launched an ERC20 token called USD Coin or USDC.
- At the time of publication, USDC is the 12th largest blockchain in terms of market capitalization with $ 2.8 billion in circulation today. Under tether (USDT), USDC is the second most popular stablecoin.
- “USDC is the first of several fiat tokens that the Center expects to deliver, and Circle is the first of many to come,” Circle said at the launch.
- On November 5, 2020, Circle’s official Twitter account tweeted about USDC business accounts offering high returns. “Circle plans to introduce corporate accounts with short and medium term high yield interest rates built entirely on USDC. Starting at 8% APY, be sure to secure your place on the waiting list today. Restrictions will apply, “the company tweeted.
- The waitlist webpage states, “Secure a place on the waitlist for high-yield digital corporate accounts. Talk to us to explore short and medium term high yield interest rate accounts built entirely on USDC to be the first in line when the service becomes available. “
- The 8.50% open-term APY offer states that it does not offer withdrawal limits and that account holders can access their digital dollars at any time. A fixed term of 12 months can accrue 10.75% and six months can obtain 10.25%.
- “Interest payments are paid weekly and accrue daily” and the process is “natively integrated into your Circle account and customizable via the Circle APIs,” the company website details.
- Almost all cryptocurrencies such as bitcoin (BTC), bitcoin cash (BCH) and ethereum (ETH) can be leveraged in high-yield interest-bearing accounts across various outlets. However, stablecoins, regardless of flavor, typically accrue much higher interest rates.
What do you think about Circle introducing high yield digital dollar corporate accounts with USDC? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Circle,
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