US OCC Allows Crypto Firms to Pay Interest-Like Rewards
COIN Coinbase Global Inc
$177.08 +3.65%
View chart & analysis → - 1The Office of the Comptroller of the Currency stated that crypto firms can continue to pay rewards similar to interest to customers.
- 2Coinbase offers a yield of up to 3.5% on USDC balances, which is higher than the 0.38% average yield of traditional savings accounts.
- 3The American Bankers Association argued that this decision will threaten the lending resources of banks.
So what's the key point?
Crypto firms have been permitted to provide rewards similar to interest to their customers. Coinbase offers a 3.5% yield, which could potentially threaten the lending resources of banks.
Source Associated Press +1 · View original ↗
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