Coinbase, the largest US cryptocurrency company, announced that users’ deposits in the DAI stablecoin will be rewarded 2% per annum.
Dai Rewards with 2% APY is now available for Coinbase customers in the US, UK, Netherlands, Spain, France, and Australia.//t.co/FGkFHBxZVM
— Coinbase (@coinbase) July 29, 2020
DAI Rewards is available to customers in the US, UK, Netherlands, Spain, France, and Australia.
The company recalled that since last year, users have been receiving a 1.25% annual reward on their USDC stablecoin deposits from Circle.
The yield on savings accounts and government bonds in developed countries is now at an all-time low, Coinbase noted.
“Earning rewards on stablecoins like Dai and USDC stands out as an alternative way to passively generate income using crypto held on Coinbase.,” the statement said.
The company will accrue interest on deposits from 1 DAI, initially paying interest every five days. In the future, payments will become daily.