Coinbase Global Inc has scrapped its plan to launch an interest-yielding USD Coin lending program, the cryptocurrency exchange said in a blog post.
"As we continue our work to seek regulatory clarity for the crypto industry as a whole, we've made the difficult decision not to launch the USDC APY program," Coinbase's blog post said. The crypto exchange also said it has discontinued the waitlist for its USDC APY program, a high-yield alternative to traditional savings accounts that would have paid lenders of USDC to Coinbase a 4per cent APY.
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