Coinbase Wallet introduces 4.7% APY reward for USDC holders
Quick Take
- Users holding USDC in their Coinbase Wallet can now earn 4.7% annual percentage yield, paid out monthly on Base.
- Global users can access the new USDC reward, while those in the U.S. should see the feature this week.
Coinbase Wallet, the digital wallet platform out of crypto exchange giant Coinbase, introduced a new reward scheme for the USD-pegged stablecoin USDC.
Users holding USDC in their Coinbase Wallet can now earn a 4.7% annual percentage yield, which is paid out monthly on the Coinbase-incubated Layer 2 network Base. Global users can access the USDC reward, while those in the United States should see the feature this week, according to Wednesday's release.
Coinbase previously offered 4% rewards for its users holding USDC, upping the rewards return from 2%. The crypto exchange rewards USDC holders with its own funds, its FAQ says, aiming to prompt more individuals to deploy Coinbase's platforms to store USDC.
Coinbase jointly launched USDC in 2018 with the stablecoin issuer Circle. In August 2023, Coinbase took an undisclosed equity stake in Circle.
USDC is the second most popular USD-pegged stablecoin behind Tether's USDT. USDC maintains around 25% of the 107.33 billion stablecoin supply as of Nov. 20, according to The Block's Data Dashboard.
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