The volatile nature of the crypto industry prevented several individuals from stepping into the market. However, stablecoins were rolled out as a boon to these individuals as these coins are pegged to a fiat currency and do not entail the wrath of being highly volatile. Taking stablecoins up a notch, prominent crypto platform, Circle has revealed its latest feature that involves the stablecoin USDC.
Businesses Accounts To Be Built On The Second-Largest Stablecoin
USDC was the brainchild of Circle and its collaboration with San Francisco’s crypto exchange Coinbase. Today, USDC persists as the second-largest stablecoin with a market cap of $2.863 billion. The USDC stablecoin did unravel well and Circle has decided to capitalize on the stablecoin.
In a recent blog post, Circle announced that it would soon roll out business accounts for both short as well as medium-term high yield interest rates. These accounts would further be formulated entirely on USDC. Users would, however, be required to join a waitlist to garner a digital dollar business account. The APY on these accounts starts from 8.5% and would go up to 10.75% for a 12-month fixed term. The fixed-term again ranges from one month to 12 months.
Circle’s latest move would aid platforms longing for higher maturities, businesses as well as fintech. Elaborating on the yet to be launched platform, Circle’s blog post read,
“While stablecoins such as USDC have become bedrocks for how fiat currency moves in the support of crypto asset markets, it’s also grown dramatically as a liquid digital dollar used in rapidly growing internet-based borrowing and lending markets.”
This high yield program is in association with Genesis Global Capital. Circle revealed that through this partnership, the platform intends to offer a streamlined program to stimulate internet businesses as well as fintech.
The USD coin has come a long way and is seen making its way to the top of the crypto ladder. While USDT still remains the largest stablecoin with a market cap of $17 billion, the latest news from Circle could accelerate the market cap of USDC.