COIN - So Much for Earning 4% on Coinbase USDC
You can lend Coinbase Global (NASDAQ: COIN) a hand, but you can't hand it to Coinbase Lend. The leading crypto exchange is suspending its Coinbase Lend program before the high-yielding investing option had a chance to launch.
Coinbase Lend turned heads when it was unveiled by the fast-growing exchange three months ago. Traders on the platform holding USD Coin (CRYPTO: USDC) -- a Coinbase-issued stablecoin that can always be swapped 1-to-1 for U.S. dollars -- would've earned 4% in annual interest if they let Coinbase borrow it to lend out. There are smaller platforms offering heartier payout rates for lending and staking cryptocurrencies, but in this particular case Coinbase was willing to guarantee the principal.
It could've been a game-changing moment for cryptocurrency exchanges in general and Coinbase in particular, but it wasn't to be. It's back to the drawing board for Coinbase.
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So Much for Earning 4% on Coinbase USDC