binance">Binance announced a new tether (USDT) earning program this week with annual percentage yields up to 13%, the latest exchange to offer interest on stablecoin holdings.
The new USDT earn promotion comes as crypto lending platforms like Nexo, Youhodler, and Crypto.com provide double-digit yields on major stablecoins USDT and USDC">USDC. Decentralized finance leaders Aave and Compound also offer single-digit APY rewards for depositing tether.
Binance said its real-time USDT rewards accrue every minute with flexible deposit and withdrawal options. The 13% APY promotion runs November 7-13, 2023.
With over $17 billion in USDT reserves, Binance holds more than 20% of the total tether in circulation. Stablecoins like USDT tend to offer higher crypto savings rates than volatile coins.
The new earn program expands Binance’s suite of savings products beyond locked staking and liquidity pools. Along with USDT rewards, Binance recently added locked earning options for TAI and DAI up to 10% APY.
As CeFi and DeFi platforms compete for stablecoin deposits, retail and institutional crypto investors can capitalize on double-digit yields. But locked earning programs like Binance’s come with redemption restrictions to note.
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