Circle, the company that is behind the stablecoin USDC, has announced that it would be expanding its yield investment program to include all businesses with a minimum investment of $100,000 in digital currency.
The USDC is the second-largest stablecoin in the world with its total value under circulation being several billion and this is one of the main businesses as far as the company Circle is concerned. The company has been trying to build several products around the stablecoin to make it even more accessible to mainstream users and large investors as well and one such product is the yield investment program which it has been running as a pilot over the last few months. Till now, this program was open only to businesses in the US and Switzerland.
“With Circle Yield, our customers have a seamless and fully secured way to take advantage of crypto capital markets,” Circle VP of Product Rachel Mayer said in the announcement. “We’ve been thrilled to work with the likes of Kevin O’Leary and social network Minds among many other design partners throughout our Early Access phase. As the product expands to a broader reach of businesses, we look forward to accepting new customers and providing greater access to superior crypto returns,” she said.
The program involves term investments with the users being able to get anywhere between 6% to 8% APY on their investments which are held anywhere between 1 month to 12 months. This APY is much higher than what most of the traditional banks offer which is why it has been under great demand from the users, big and small. The program is also made to be very open and transparent so that the users would be able to track their investments and yields from their circle accounts. It is reported that 85% of those users who have seen their terms end have chosen to re-invest into the program again which shows that the program has become very reliable and trustworthy as far as the users are concerned.
The program was launched in June by the company in Bermuda under the regulatory oversight of the Bermuda Monetary Authority to give access to a wide variety of investment products for big and small investors and also to give them exposure to the world of cryptocurrencies.