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Coinbase

Coinbase Attracts Customers With 4% Yield On USDC, Challenging Banking Giants

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Coinbase, undeterred by the ongoing legal challenges posed by the US Securities and Exchange Commission, remains steadfast in its commitment to enhancing its services for crypto enthusiasts.

Despite the regulatory hurdles, the renowned crypto exchange has taken a significant stride towards catering to more sophisticated traders with the introduction of Coinbase Advanced, a specialized trading platform. 

Coinbase Advanced now offers traders the enticing prospect of earning “up to 4% rewards on the USDC they hold on Coinbase or any USDC used in open orders.”

The company has unveiled an array of improvements on Coinbase.com, the primary trading platform, featuring a total of 237 new USDC trading pairs.

Coinbase Touts Yield Potential

While banks have long been regarded as go-to destinations for individuals seeking a safe and stable way to grow their savings, the exchange’s foray into the realm of high-yield offerings introduces a paradigm shift in the potential for generating substantial returns.

Related Reading: Bitcoin Exempted From Interest Rate: South Korean Court Rules Crypto ‘Is Not Money’

With a 4% yield on USDC holdings, Coinbase challenges the status quo and presents an alternative avenue for individuals to amplify their investment growth.

Unlike traditional banks, which typically offer modest APYs ranging from 0.01% to 0.50% on savings accounts, the company’s 4% yield eclipses these offerings by a considerable margin.

As of today, the market cap of cryptocurrencies stood at $1.15 trillion. Chart: TradingView.com

As the leading cryptocurrency exchange in the United States, Coinbase has garnered a reputation for its robust security measures, regulatory compliance, and user-friendly interfaces.

Crypto Exchange Reinforces Stance On Cryptocurrencies

In its ongoing response to the securities claims made by the US Securities and Exchange Commission, the company has once again asserted that cryptocurrencies should not be classified as investment contracts and, therefore, should not be considered securities.

While the exchange has previously expressed this argument in public statements, a recent filing delves deeper into the company’s position, providing further clarification. 

Related Reading: Crypto Investment Firm CEO Highlights The Crucial Role Of AI In Today’s Market

According to Coinbase, the cryptocurrencies available on its secondary market platform do not fall under any arrangements where a promoter sells an asset tied to a contract, citing the precedent-setting Howey case in the Supreme Court.

Coinbase’s filing represents a firm and well-reasoned defense of its position, aiming to establish a clear distinction between cryptocurrencies and traditional securities.

The company emphasizes that the nature of cryptocurrencies, particularly those traded on its platform, does not align with the characteristics typically associated with securities. 

Featured image from Getty Images

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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