Bitcoin.com Launches USDC Staking: Earn Rewards on Your USDC Holdings | by Bitcoin.com | Oct, 2024
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We’ve launched USDC staking in the Bitcoin.com Wallet app and on our decentralized exchange Verse DEX. That means you can start earning yield, currently at ~4% APY, on your USDC holdings in just a few taps. Access USDC Staking in the app from Home > Earn or on the web here.
USDC staking involves locking up your USDC in a smart contract where it is used as collateral for lending products. In other words, people borrow your USDC and pay interest to you. Learn more about staking in our Learning Center.
Stablecoins like USDC play a fundamental role in the cryptocurrency ecosystem, accounting for over 70% of global on-chain volume. However, less than 5% of these stablecoins are currently generating rewards for their holders. At Bitcoin.com, we’ve recognized this gap and are addressing it by offering stablecoin lending, starting with USDC.
At the time of writing, USDC staking yields 4.13% APY. However, the rate is dynamic and is likely to settle in the 3% range.
The yield for USDC staking comes from lending markets where some market participants pay interest to borrow USDC. Bitcoin.com’s USDC staking product is powered by Kiln DeFi. All transactions are fully on-chain, ensuring the highest levels of transparency and security while maintaining the trusted environment Bitcoin.com users have come to rely on.
There is no penalty for simply withdrawing your staked USDC and you can withdraw it instantly.
Your rewards for USDC staking are distributed automatically and in real-time as blocks on the Ethereum blockchain are validated. When you withdraw your staked USDC, you will automatically receive all the USDC you deposited, plus any USDC rewards you have accrued.
When you stake your USDC in the Bitcoin.com Wallet app or on Bitcoin.com’s decentralized exchange Verse DEX, your staking rewards compound automatically. You can track the rewards you have accumulated from within the dApp:
The interest rate for staking USDC fluctuates. To get the most accurate and current rate for USDC staking and other products, navigate to Home > Earn.
- From the app’s home screen, scroll down and select “Earn.”
- Tap on USDC Staking then hit the STAKE USDC button.
- Enter the amount of USDC you would like to stake, then hit CONFIRM STAKE. Note that you will need some ETH in your wallet to cover the transaction fee.
- Confirm the transaction by Sliding the Arrow.
From the app’s home screen, scroll down and select “Earn.”
- From the app’s home screen, scroll down and select “Earn.”
- Tap on USDC Staking then hit the WITHDRAW button.
- Enter the amount USDC you would like to unstake, then hit CONFIRM. Note that you will need some ETH in your wallet to cover the transaction fee.
- Confirm the transaction by Sliding the Arrow.
