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.
Trending: BNB Chain Gets Back to Normal After a Hack Estimated $100 M
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%).