Cryptocurrencies
Coinbase Launches DeFi Yield Product for Non-U.S. Customers
- U.S. regulators effectively shut down Lend program earlier
- Holdings to be deposited into the Compound Finance protocol
This article is for subscribers only.
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.