Celsius, the Crypto borrowing and lending platform has made an announcement on Wednesday regarding its collaboration with Tether (a stablecoin that pegs its value to the US Dollars) to offer USDT holders an annual interest of 12%. However, the company has made this very clear that the annual rate of 12% is applicable only for USDT holders, and for other digital currencies, the previous rate of 10% will continue to apply. Celsius network also reported that its mobile app will support the USDT ERC20 stablecoin from now onwards, thereby allowing the USDT holders to earn rewards and also to request loans.
Presently, the Celsius wallet comprises 19 top currencies that include Bitcoin, Ethereum, Litecoin, etc. This helps the users to use the collaterals of other digital assets to borrow USDT with interest, which is as low as 3.46% APR (Annual Percentage rate). Moreover, Celsius has made loans accessible to the public by decreasing the minimum amount to $15000.
As per the announcement, the 12% annual interest will be provided weekly to the holders of USDT tokens that are stored in Celsius wallets. In addition to this, the users will be able to earn interest on any digital currencies available. Commenting on this integration, Alex Mashinsky, the CEO of Celsius Network, said, “At Celsius, we’re working toward mass adoption of cryptocurrencies by instilling confidence in crypto holders and providing financial services at rates unmatched by any bank or crypto alternative. Stablecoins, such as USDT, allow crypto holders to keep their funds in crypto, allowing for frictionless trades, while sidestepping the market’s lows and highs.”
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