Buenbit, one of Argentina’s leading cryptocurrency exchanges, has announced the inclusion of two stablecoins in its current yield program. The company will enable its clients to earn returns of up to 11% per annum on their USDC and USDT funds, with earnings deposited daily into clients’ accounts, targeting high inflation markets.
Buenbit Announces USDC and USDT Yield Instruments
More and more exchanges are trying to offer staking options to their customers, allowing them to earn money with the funds deposited on their platforms. Buenbit, an Argentinian exchange, is one of them, recently announcing the inclusion of two stablecoins in its yield investment instruments. The company has confirmed that USDC and USDT based investment structures are already available for users to earn a return on deposits of these stablecoins.
According to local media, the exchange will offer 11% for USDC deposits and 9% for USDT deposits. These instruments join other coins such as BTC, ETH, DAI, BNB, DOT, ADA, SOL, and MATIC, allowing clients of the exchange to earn yield without having to worry about price volatility. Interest on these products will be deposited daily.
Target high inflation
The exchange targets high inflation markets (like Argentina) where clients fear volatility but need to position their investment to achieve a certain return. Federico Ogue, CEO of Buenbit, explained the purpose of this new batch of investment products. He stated:
We continue to provide solutions that help people hedge against inflation and find crypto an easy place to go for their day-to-day finances. Stable cryptocurrencies are one of the most trusted products by users, which is why we are launching returns that help increase the capital of each of them.
Buenbit’s products are activated when the user deposits funds into the exchange’s wallet, and they can be withdrawn without having to wait for a set period of time, which differentiates the service from other similar offerings. The use of these instruments is particularly interesting for Argentines, who can sometimes perceive a higher price on the foreign exchange market for these stablecoins than for dollar banknotes.
Although the exchange offers these new options, it has been affected by the recent market downturn. Buenbit announced in May that it was laying off nearly half of its workforce to “maintain an autonomous and efficient structure” in the three countries where the exchange operates.
What do you think of the new yield instruments based on stablecoins launched by Buenbit? Tell us in the comments section below.
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