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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
Coinbase Sued Over XRP Commissions After SEC Pursues Ripple
Photographer: Tiffany Hagler-Geard/Bloomberg
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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.