Circle Launches High Yield USDC Business Accounts
- Circle’s new project is built entirely on USDC, so clients and corporations can easily integrate the product in a variety of financial applications.
- Customers can now secure their spot on the project’s waitlist and sign up to be among the first to utilize this new investment option.
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On November 5, Circle announced the launch of their new project for developing high yield business accounts, built entirely on USDC, in a joint venture with crypto lending operator Genesis.
According to the announcement, investors, businesses, and fintechs will be able to receive above-market returns on their investment, starting from 8% APY and going up to 14% for longer engagements from institutional investors, as written on Circle’s official website.
Through its partnership with Genesis, Circle is hoping to create a streamlined offering for internet businesses and fintechs, that can be easily integrated into customer-facing financial apps and standalone corporate treasuries. In order to achieve this goal, the project will rely on Circle’s comprehensive suite of payments and transactional infrastructure, as well as Genesis’ scale in institutional crypto lending.
“What might have begun as a means to settle a trade, has become a means for putting capital to work – in markets that run 24/7/365, are globally connected and settle with the speed and efficiency of the internet, a capital markets improvement that within a few years we will look back on as totally obvious and inevitable,” the firm said in its blog post.
The new project is not the first USDC undertaking for Circle this year. Throughout 2020, the firm has been rolling out a number of APIs and account infrastructures to help businesses use USDC for payments. In June, the firm also partnered with Algorand in order to bring USDC’s potential to its blockchain.
Through its latest project, Circle will look to expand the use of USDC for payments, commerce, and financial applications, as well as allow investors to use USDC to receive yield in crypto capital markets. Circle has also provided a waitlist for customers interested in joining the venture and creating a high yield business account.
- The digital ID project said Orb Operators received USDC payments as part of the project’s transitional phase after launch, and now that it is nearing its end Worldcoin will be switching to WLD payments.
- Worldcoin warned Orb Operators to check if they can claim rewards in their region as WLD are not available in the United States and “certain other restricted territories”.
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- SVB Financial Group has filed for a Chapter 11 court-supervised reorganization in the U.S. in order to “preserve value”.
- The company stressed it is no longer affiliated with Silicon Valley Bank, the closure of which sent ripples across the crypto industry.
- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.