Buenbit, one the most prominent Argentinian cryptocurrency exchanges has announced two stablecoins as part of its current yield program. The company will allow its customers to earn yields of up to 11% annually on their USDC and USDT funds, with the earnings being deposited in customers’ accounts daily, targeting high inflation markets.
Buenbit announces USDC- and USDT Yield Instruments
More exchanges provide staking opportunities for customers. This allows them to gain money on funds that they have deposited to their sites. Buenbit (an Argentinian exchange) recently announced the addition of two stablecoins to its portfolio of yield investment instruments. According to the company, USDC- and USDT-based investment schemes were available already for those who want to earn yield from these stablecoin deposits.
The exchange is expected to offer USDC deposits at 11%, as well as USDT deposits at 9% according to local media. This will allow customers to get yield and not worry about fluctuating prices. These products’ interests will be dedeposited every day.
Targeting Inflation High
This exchange targets high-inflation countries (such as Argentina), where customers are concerned about volatility, but want to maximize their return. Federico Ogue is the CEO of Buenbit. He explained how this new set of investment products was created. He said:
As we continue to offer solutions to help users hedge against inflation and use crypto as a place they can easily access their daily finances, we will keep you informed. Users place most trust in stable cryptocurrency products. We therefore launch yields that increase each crypto’s capital.
Buenbit’s products are activated when the user deposits funds in the wallet of the exchange, and they can be withdrawn without having to wait for a defined time period, which differentiates the service when compared to other, similar offerings. It is particularly attractive for Argentinians to use these instruments, as they may sometimes receive a higher rate on the exchange for stablecoins than for US dollars.
The exchange offers these options but has not been able to keep up with the current market downturn. Buenbit announced in May that it was laying off almost half of its workforce in order to “maintain a self-sustaining and efficient structure” in the three countries where the exchange operates.
Buenbit has launched new, stablecoin-based yield instrument. What are your thoughts? Leave a comment below.
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