Binance Launches USDC Simple Earn Flexible Product

Binance, the world's largest crypto exchange by trading volume. (Photo; Doc. Beamstart)

JAKARTA - Binance Holdings Ltd announced the launch of USDC Simple Earn Flexible Products from Circle Internet Financial Ltd today. In the announcement, Binance stated that users can now start getting up to 8 percent of the amount of USDC they hold.

Based on the subscription model, Binance divides the reward payment into two parts: who can get it quickly. In addition, this exchange offers a real-time annual percentage rate (APR) of around 4 percent.

For accounts with balances between 0.1 and 500 USDC, Binance sets a tiered APR bonus of around 4 percent. Meanwhile, accounts with balances of more than 500 USDC will only receive real-time APRs of around 4 percent.

Binance does not limit orders in USDC Flexible Product offers, providing users with a decent income option. The APR tiered bonus is sent to the user's spot wallet every day, while the accumulated real-time APR is sent to the user's Earn wallet every minute.

The promotion period for USDC flexible products is scheduled to end on June 30, 2024. After the promotion period ends, Binance users will be entitled to real-time APR rewards.

The launch of the USDC Binance Flexible Product will have a significant impact on the mass adoption of US dollar-backed stablecoins. The competition between various stablecoins will continue to increase. For example, Ripple Labs CEO stated that the US SEC would pursue the next USDT Tether.

However, Tether CEO Paolo Ardoino has criticized Ripple's plans to launch a US dollar-based stablecoin this year. Ripple itself has come under investigation by the US SEC.