Coinbase scrapped plans for the crypto credit program

The step takes place days after the US regulators have announced that it will sue Coinbase if it continues its program that enables users to earn interest from lending digital assets.

"While we are continuing our work to create regulatory clarity for the Crypto industry as a whole, we have made the difficult decision not to start the USDC APY program," says the blog post from Coinbase.

USDC is a stable coin that is coupled to the US dollar and can be redeemed one to one for 1 USD.

The crypto exchange also announced that it has set the waiting list for her USDC-APY program (annual percentage return), a profitable alternative to conventional savings accounts that would have paid USDC creditors an APY of 4% on Coinbase.

Coinbase, which said that he had recently recorded an increase in crypto interest account, had planned to offer the lenders of USDC a main guarantee on their coin base account.

It added that an APY of 4% on USDC would offer a customer eight times the national average on high-interest savings accounts based on a bankrate.com survey on US savings accounts in June 2021.

You can find an overview of all the business events of today in our economic calendar.

(Reporting by Sohini Podder in Bengaluru; Editor of Shailesh Kuber)