Binance Launches High-Yield USDT Earning Program Amid Fierce Market Competition
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.