In an aggressive move to attract crypto investors, Binance, the top global cryptocurrency exchange, has rolled out a new high-yield earning program for tether (USDT), the popular stablecoin. The offering boasts an impressive annual percentage yield (APY) of up to 13%, positioning Binance as a highly competitive player in the crypto yield-earning market.
The initiative, which began on November 7 and is slated to run until November 13, 2023, promises real-time APR earnings, with accruals updating by the minute directly in users’ Binance Earn wallets.
This high-yield opportunity is part of Binance’s tactical response to the intensifying demand for stablecoin-based savings services within the cryptocurrency sector. Investors are increasingly seeking out stablecoin assets like USDT and USDC for their relative stability compared to more volatile cryptocurrencies like bitcoin (BTC) or Ethereum (ETH), with platforms offering enticing yield rates on these assets.
In the landscape of yield offerings, Binance’s latest rate is competitive; however, it is not alone in this space. Nexo currently leads with a 16% APY on USDT, while Youhodler offers a 12% yield, and Crypto.com provides up to 6.5% APY. Coinbase also entered the arena in June, allowing customers to earn up to 4% APR on USDC holdings.
The decentralized finance (defi) sector also presents alternatives, with Aave and Compound offering yields of 8.09% and 5.17% on USDT, respectively.
In addition to this program, Binance has also expanded its yield-earning potential for other stablecoins, such as TAI and DAI, on its Simple Earn platform, featuring lock-in periods varying from 15 to 120 days and provisions for early redemption if required by the user.
Binance’s portfolio, encompassing its Earn service, crypto exchange, and various wallets, is currently valued at approximately $63.71 billion, with USDT accounting for 27.87% of this total. This indicates that Binance holds around $17.75 billion in USDT, representing a significant 20.70% of the total 85.73 billion USDT in circulation, as per the latest figures from analytics provider nansen.ai.
The launch of Binance’s high-yield USDT earning program not only caters to the stablecoin demand but also reinforces its commitment to providing diverse investment options for crypto users, maintaining its leading position in the competitive cryptocurrency exchange market.
Via: 2Usethebitcoin.com
