Briefly

• customers from countries other than the United States can stake USDC stablecoins with Coinbase and receive yields of 4%.
• Coinbase has been warned before by the SEC that the assets it uses in its yield product could be considered securities.
• While Tether’s supply has increased by more than 83 billion, the supply of USDC stablecoin has decreased to a 22-month low of 28.2 billion.

For customers all over the world, the American cryptocurrency exchange Coinbase is offering yields on USDC stablecoins. However, the move is made in the midst of a lawsuit filed by financial regulators in the United States who want to restrict such services.

The company made the announcement on June 16 that Circle’s USDC stablecoin customers can now receive rewards worth 4%. Circle is actively promoting USDC adoption because it is a Coinbase partner.

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Coinbase USDC Beats Bank Yields

According to Coinbase, the rewards rate is subject to variation. In addition, customers of its global exchange would have direct access to their accounts to view the most recent applicable rates.

USDC rewards were available to eligible customers in the United States, as stated on the FAQ page of the company.

The 4% yield is way over the Government Store Protection Enterprise (FDIC) public normal for bank accounts which is a tightfisted 0.4%. However, as a result of the Federal Reserve’s numerous rate hikes, a number of U.S. banks are offering interest rates that are higher than 4%.

Despite this, the Securities and Exchange Commission (SEC) views Coinbase’s yield products as securities, which has led to regulatory issues in the past.

The SEC issued a warning to the company in September 2021 regarding its Lend products, which allowed customers to earn interest on their crypto holdings.

Additionally, the SEC has taken action against staking services that target a number of U.S. exchanges, including Kraken, which was forced to discontinue staking.

Staked Ethereum redemptions increased on Coinbase last week as investors became agitated as a result of the SEC lawsuit. Following the SEC’s action, Coinbase CEO Brian Armstrong stated, “We’re not going to wind down our staking service.”

The company was sued by the regulator on the grounds that it had broken securities laws. SEC Chair Gary Gensler and his team of enforcement agents are not cooperating with Coinbase’s repeated requests for regulatory clarity.

USDC Supply Slumps

The drastic decrease in stablecoin supply coincides with the decision to expand USDC adoption. The USDC decline and the relocation of investment to rival stablecoin issuer Tether have been attributed in part to the U.S. war on cryptocurrencies.

USDC supply has dropped to 28.2 billion, the lowest level in 22 months. This year, its supply has decreased by 36%, and its market share has decreased to 22%. On the other hand, the supply of Tether has reached an all-time high this week of over 83 billion USDT.