Coinbase announced via a tweet on June 15 that they are currently offering a 4% bonus on USDC (USD Coin).
This new reward ratio represents a nearly double increase from the previously offered return on USDC.
Previously, on June 9, Coinbase’s website said customers could only earn 2% buying or holding USDC in their accounts.
Coinbase also announced that reward rates are subject to change and that customers should check the latest rates in their accounts.
USDC BONUS NOT NAME IN SEC CLAUSE
Recently, the United States Securities and Exchange Commission (SEC) sued Coinbase, alleging that some of its activities violated securities services regulations. One of the allegations is that Coinbase’s staking service, which allows users to profit from cryptocurrencies, is seen as an unregistered securities offering.
On Coinbase’s website, they make a clear distinction between the USDC rewards program and other targeted services, stating: “You cannot do USDC staking, but… may be eligible to earn your share. bonus on USDC”.
Although the SEC did not target Coinbase’s USDC rewards program, the regulator prevented Coinbase from launching a similar lending program in 2021. That program will allow users to borrow USDC and is expected to provide interest. APY rate 4%.