Coinbase offers 2% APY on DAI deposits

The largest cryptocurrency company in the United States, Coinbase, announced that deposits in the DAI stablecoin will earn 2% APY.

Dai Rewards with 2% APY is now available for Coinbase customers in the US, UK, Netherlands, Spain, France, and Australia.https://t.co/FGkFHBxZVM

— Coinbase (@coinbase) July 29, 2020

The DAI Rewards program is available to customers in the United States, United Kingdom, the Netherlands, Spain, France, and Australia.

The company noted that since last year, users have earned 1.25% APY on USDC deposits from Circle.

Yields on savings accounts and government bonds in developed countries are currently at record lows, Coinbase noted.

“Rewards on deposits in stablecoins, such as DAI and USDC, are an alternative way of earning passive income on Coinbase through the use of cryptocurrency,” the statement said.

Interest will accrue on deposits of 1 DAI or more, initially paid every five days; future payments will be daily.

Earlier, Coinbase added support for DAI to its debit card and integrated the stablecoin into its payments service.

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