One of the top crypto exchanges, Coinbase now enables users from over 70 countries to earn interest via Decentralised Finance (DeFi).The USA isn’t among those countries.
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In a press release published on December 9, the company said that users will be able to earn DeFi yield on USD-pegged stablecoin Dai on the application called Compound. The amount of APY (Annual Percentage Yield) depends on Compound's rates. It will adjust according to the market movements in an automated way.
The exchange mentions that Compoun’d rates differ. In October, the APY for DAI hovered between 2.83% and 5.39%.
Although the program isn’t available in the US now, the community expects more regulation clarity in the country, which will allow companies to launch different kinds of crypto products. The Coinbase team said it intends to make DeFi yield available to more people from various locations.
Coinbase was going to launch a similar product for US customers but got a Wells Notice by the SEC. However, the regulatory agency didn't clarify why the company isn't allowed to launch the intended product.