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This week, Binance, the world’s leading crypto exchange by trading volume, announced the introduction of a tether ($USDT) earning program with up to a 13% annual percentage yield ($APR). Binance’s $USDT earn product joins a slew of other digital currency trading platforms offering yield services for stablecoin assets.
Binance Adds New Tether Earning Option With Potential 13% Annual Yield
Binance is offering investors a chance to earn as much as 13% APY with its newest program. But the offer is available for a limited time. The promotion began November 7 and ends November 13, 2023.
“Back by popular demand… you can now earn up to 13% $APR with $USDT on Binance Earn,” the exchange announced. It emphasized the offer’s “real-time $APR,” with rewards accruing and adding up in the user’s Earn wallet every minute.
A variety of exchanges and cryptocurrency businesses have provided rewards on crypto assets for the past three years. Stablecoins such as $USDT and $USDC are in higher demand than traditional cryptocurrencies like bitcoin (BTC) or ethereum (ETH) and usually offer better rewards.
Recent statistics show Nexo offers a 16% APY for $USDT holdings, Youhodler has a 12% yield, and Crypto.com offers up to 6.5% APY for tether. In June, Coinbase announced that customers could receive up to 4% $APR from $USDC rewards.
The decentralized finance (defi) platform Aave reportedly gives an 8.09% yield on $USDT, while Compound has a reported yield of about 5.17%. In addition to the latest $USDT earn program, Binance recently introduced rewards for locked TAI and DAI on the Binance Simple Earn platform. Lock-in periods range from 15 to 120 days, but users can choose an early redemption process if needed.
Binance’s Earn service, crypto exchange, and various wallets are valued at about $63.71 billion at current cryptocurrency exchange rates. $USDT comprises 27.87% of Binance’s portfolio, indicating the company holds approximately $17.75 billion of the leading stablecoin, according to the latest nansen.ai statistics. This means, that out of the 85.73 billion tether in circulation, Binance commands 20.70% of the entire supply.
What do you think about Binance’s latest rewards offering associated with tether? Share your thoughts and opinions about this subject in the comments section below.