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Coinbase Has Cancelled Its USDC Lending Program

Coinbase Has Cancelled Its USDC Lending Program

The resolution appears to be to be ideal, as the product’s waitlist has moreover been discontinued.

Coinbase has announced that its USDC lending thought usually are not readily accessible to customers no topic earlier beginning plans.

Coinbase Lending Cancelled

The firm revealed the cancellation by re-titling and updating a blog post at the foundation revealed in June.

In that post, Coinbase indicates that as of Sept. 17 it’s miles “not launching the USDC APY program.” It called this a “sophisticated resolution” and talked about that this could maybe well “turn [its] work to what comes next.”

Coinbase moreover talked about that it has discontinued the waitlist for the program, which had attracted hundreds of customers.

Whatever the obvious finality of the resolution, the announcement became made quietly. The firm has not announced the cancellation on Twitter or created a blog post dedicated to the news.

SEC Threat Seemingly Precipitated Cancellation

Coinbase reported on Sept. 7 that the SEC planned to sue over its USDC trading product. CEO Brian Armstrong spoke out in opposition to the SEC’s actions on Twitter, nonetheless those statements appear to web had shrimp place in light of closing week’s cancellation.

The firm’s fragment tag fell in payment by 3.55% this day, an quantity greatly bigger than inventory indexes equivalent to the S&P500 (down 1.70%) and the Dow Jones (down 1.78%).

Had Coinbase Lend long gone are living, it would web given up to 4% annual yield to investors who deposited their USDC holdings.

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