Crypto lending and borrowing platform Celsius partnered with Tether to offer USDt holders an annual interest rate of 12 percent, the company announced on Wednesday.
For USDt deposits, the platform has raised the interest rates as for other digital currencies; Celsius is offering only 10 percent annual interest.
The interest will be provided to the USDt tokens stored on Celsius wallets and will be calculated annually and paid weekly. In addition, the users will have the option to earn an interest in any of the supported digital currencies.
Commenting on the partnership, Alex Mashinsky, 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.”
Generating a passive income with crypto holdings
USDT is the 19th digital currency added on the platform and joined the list along with Bitcoin , Ethereum, and Litecoin.
Earlier this month, the crypto platform added TrueUSD to the platform and is offering a 10 percent annual interest on deposits.
2️⃣4️⃣coins & counting ?
Is your crypto working for you? ?#UnbankYourself ?https://t.co/gKyCh8vYjr pic.twitter.com/8pEwc5iKDA — Celsius Network (@CelsiusNetwork) October 21, 2019
Though the crypto market has been flooded with stablecoins recently, USDt still beats all other with a market cap of $4 billion. Primarily in China, traders are buying the stablecoin at a premium rate from over-the-counter (OTC) desks to indulge in crypto trading.
“We are excited to increase the utility and attractiveness of USDt for our users and our community,” Paolo Ardoino, CTO at Tether, added. “We are always looking for ways to improve our product offerings for the benefit of our community, and this partnership with Celsius is a great use case.”
