Coinbase has reduced rewards for storing USDC stablecoins

by in Cryptocurrency News

USDC

Coinbase has reduced the payment of charges for storing USDC by 88%.

So far, Coinbase users have received 1.25% per annum; Since June 3, remuneration has decreased to 0.15%.

Coinbase did not name the reasons for this step, but it follows similar actions by large banks - Bank of America, HSBC, Chase, and Wells Fargo offer savings deposits with no minimum balance requirements at 0.01% per annum.

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Last October, Coinbase began paying fees for storing USDC to US customers. Rewards were accrued daily and distributed monthly.

The stablecoin USDC is supported by CENTER, a consortium of Coinbase and Circle. That is the second-largest stablecoin in the market with a share of more than 7% (Tether dominates the market with a share of over 85%).