Coinbase, the cryptocurrency exchange based in San Francisco, recently announced that its customers can now earn 4% rewards on the stablecoin USDC. This development comes amidst Coinbase’s ongoing dispute with the U.S. Securities and Exchange Commission (SEC) regarding its staking-as-a-service product.
Coinbase Extends 4% Stablecoin Rewards to Global Users, Excluding Hawaii Residents
In a recent announcement, Coinbase revealed that users can earn 4% rewards by holding USDC on their centralized cryptocurrency trading platform. The message emphasized the opportunity to “grow your savings with a rewarding, secure digital dollar.” Global Coinbase customers are now eligible to earn the 4% rewards on USDC, and even a minimum amount of $1 in USDC can be held on the platform to qualify for the rewards.
The introduction of this new USDC rewards service by Coinbase coincides with the ongoing legal dispute between the exchange and the SEC. The complaint lodged against Coinbase alleges that the company failed to register its staking-as-a-service program as required by securities laws. Furthermore, the Alabama securities regulator claims that Coinbase violated state securities regulations by offering its staking rewards program to Alabama residents without the necessary registration to sell these securities.
With regard to the new USDC rewards service, Coinbase clarifies that the annual percentage rate (APR) of 4% is subject to change. The exchange stated, “The rewards rate is subject to change and can vary,” and assured customers that they can view the most up-to-date rates directly within their accounts.
Coinbase’s rewards program is accessible in 71 countries, including the United States, but it does not extend to residents of Hawaii. To participate, Coinbase customers need to complete tier two verification, as specified in the exchange’s latest announcement.
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We welcome your thoughts on Coinbase’s decision to offer 4% rewards on USDC while facing its ongoing dispute with the SEC. Feel free to share your perspective in the comments section below.
Frequently Asked Questions (FAQs) about cryptocurrency rewards
What is the recent announcement from Coinbase regarding USDC rewards?
Coinbase has recently announced that customers can now earn 4% rewards on the stablecoin USDC by holding it on their platform.
What is the ongoing dispute between Coinbase and the SEC?
Coinbase is currently facing a dispute with the U.S. Securities and Exchange Commission (SEC) over their staking-as-a-service product. The SEC alleges that Coinbase failed to register the program as required by securities laws.
Who can participate in the USDC rewards program on Coinbase?
The USDC rewards program is accessible to global customers on Coinbase. However, residents of Hawaii are excluded from participating.
Can customers earn rewards with any amount of USDC on Coinbase?
Yes, even as little as $1 in USDC can be held on the Coinbase platform to start earning the 4% rewards.
Is the 4% rewards rate subject to change?
Yes, Coinbase has stated that the rewards rate is subject to change and can vary. Customers can view the latest applicable rates directly within their Coinbase accounts.
In which countries is the Coinbase rewards program available?
The Coinbase rewards program is available in 71 countries, including the United States.
Is Coinbase offering staking rewards to Alabama residents without proper registration?
According to the Alabama securities regulator, Coinbase has been offering its staking rewards program to Alabama residents without the necessary registration to sell these securities, which is alleged to violate state securities regulations.
More about cryptocurrency rewards
- Coinbase Official Website
- U.S. Securities and Exchange Commission (SEC)
- USDC Stablecoin
- Coinbase SEC Lawsuit News
- Alabama Securities Commission