Making Stablecoins More AppealingOn the surface, there is very little reason to be excited about stablecoins. Contrary to cryptocurrencies, a stablecoin is non-volatile, offering no risk but also no profit. That is, unless one decides to use their stablecoin portfolio for purposes other than traditional trading. Unfortunately, there are not that many appealing options on the table to make decent money, except for a few exchanges supporting staking or DeFi platforms offering highly variable rates.
Crypterium, the popular fintech startup pushing the boundaries of digital asset finance, aims to change this narrative. Most people may be familiar with the brand through its wallet offering, which has been on the market since 2018. The Crypterium wallet focuses on quality financial solutions via blockchain-based assets.
Although Crypterium initially rolled out support for traditional wallet services, that situation changed in early 2021. An essential first step was taken by introducing crypto banking solutions via a savings account for multiple digital currencies. Introducing such a feature for Bitcoin, Ethereum, TON, and the native CRPT token proved viable, as the team is now expanding support to three popular stablecoins.
High APY On Top StablecoinsAs of right now, Crypterium wallet users can earn up to 15.6% APY on USDT, USDC, and DAI deposits. This limited campaign runs until April 30th, after which the APY will return to more standard levels. The current market average is 12.5%, making the offer by Crypterium a lot more appealing to investors who are risk-averse.
More importantly, this offer highlights the difference between traditional finance and the cryptocurrency world. With a standard savings account, one is happy not to deal with negative interest rates these days. Crypterium, on the other hand, provides a 15.6% rate, despite these stablecoins not offering any profit potential by default.
As Crypterium servers over 400,000 clients worldwide, an offer like this can spar renewed interest in the supported stablecoins. USDT and USDC both have a good market cap, yet DAI lags behind a bit. The latter asset is also different, as it does not hinge on fiat reserves to maintain its value. That makes the integration into Crypterium’s offering all the more intriguing, as algorithmic stablecoins don’t always yield the highest returns.
Providing a high APY on stablecoins is never a straightforward feat. Crypterium aims to tackle this aspect by letting users determine which “lockup” plan they want to use. Funds can be deposited for two months or two months. The longer funds are locked, the higher the returns will be. It is a simple system, yet one that allows for flexibility on behalf of the users.
ConclusionSlowly but surely, stablecoins continue to make their mark on the cryptocurrency industry. Rather than serve as a trading vehicle for crypto assets, one can earn a decent profit by holding on to these non-volatile assets for more extended periods. An APY of 15.6% will be difficult to pass up on, especially since there is no risk of exploring this option. More importantly, there are no minimum or maximum thresholds either.
The big question is whether other providers will follow this lead by example. To remain competitive in this landscape, companies and providers have to keep pushing the boundaries. Crypterium now has a competitive edge over many industry players, even if the offer is for a limited duration.
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Source: Cryptocurrency - investing.com
