![\"Coinbase](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/06\/shutterstock_1181708167-768x432.jpg\")
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Coinbase, the largest exchange in terms of crypto reserves held, has announced the introduction of a savings program tied to usd coin. The company\u2019s high yield USDC savings program allows customers to gain 4% APY interest on stablecoin accounts. <\/strong><\/p>\n The cryptocurrency exchange Coinbase announced<\/a> pre-enrollment for its usd coin (USDC) savings program that allows clients to earn a 4% APY interest rate on USDC held on the platform.<\/p>\n Coinbase joins firms like Blockfi and Crypto.com that already offer interest on USDC stablecoin holdings. Still, Coinbase highlights in its announcement on Tuesday, that 4% APY on USDC is \u201cmore than 8x the national average of high-yield savings accounts.\u201d<\/p>\n \u201cEveryone wants to get the best interest rate available for the assets they hold,\u201d Coinbase explained in a statement. \u201cBut interest rates have decreased steadily over the past few decades, making it difficult to earn meaningful passive income on your assets,\u201d the company said. Coinbase added:<\/p>\n The national average for a traditional savings account hovers around 0.07%, with high-yield savings accounts still falling well short of even 1%.<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n Coinbase\u2019s entry into the stablecoin savings products also follows Circle\u2019s USDC business product,<\/a> which was launched in November 2020. At the time, Circle revealed the launch of high-yield USDC business accounts with APY up to 10.75%. Additionally, Circle just announced<\/a> five days ago, it would be launching a new API so companies can connect to high-yield decentralized finance (defi) platforms.<\/p>\n Coinbase and Circle are the founding members of the Centre consortium<\/a> and with a number of other consortium members, Centre is the issuer and custodian of the usd coin (USDC) project.<\/p>\n In order to get more information on Coinbase\u2019s USDC pre-enrollment, U.S. customers can sign up at the web portal coinbase.com\/lend<\/a>. After an individual gains approval, they will \u201cautomatically start to earn 4% APY on the USDC\u201d they hold in their Coinbase account. The company does detail that \u201cAPY may change at any time before you start lending.\u201d<\/p>\nCoinbase Reveals USDC Savings Program With Interest Rates Eight-Times Higher the national average<\/h2>\n
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