Coinbase Global Inc. launched its first yield product that allows users outside the U.S. to earn interest from their holdings in a stablecoin through a third-party decentralized finance platform.
Earlier this year, regulators in the U.S. effectively killed Coinbase’s plans to debut another interest-generating product called Lend. In a company blog on Thursday, Coinbase said the new offering will let customers in over 70 countries to access the “attractive yields” of decentralized finance by depositing their Dai, a stablecoin designed to be pegged to the U.S. dollar, into Compound Finance, a DeFi protocol. The annual percentage yield for the program fluctuated between 2.83% and 5.39% in October.
