Celsius Network, a crypto borrowing and lending platform, partners with controversial Tether (USDT) to give stablecoin holders 12% interest rate annually.
Celsius now provides 19 digital coins for trading. An announcement made on Wednesday by the crypto borrowing and lending platform said that the firm had joined hands with Tether. The two would now offer an annual interest rate of around 12% to the USDT holders.
Celsius has now raised interest rates for other digital coins and the USDT deposits. They are now giving a 10% annual interest on these coins.
The interest is said to be added to the USDT tokens which are kept on the Celsius wallets. Interest will be paid weekly but calculated annually. Users of this platform will also be allowed to earn interest in the supported digital coins.
Celsius network CEO, Alex Mashinsky said that
“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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There are now 19 digital currencies on the Celsius platform. USDT is the latest to join the platform alongside Ethereum, Bitcoin, and Litecoin. Earlier in October, Celsius added TrueUSD to their platform, and they offer a 10% interest rate annually on all deposits.
The crypto market is full of stablecoins in recent times, but the USDT still thrives and outdo the rest. The stablecoin surpasses the others with a $4 billion market cap. In fact, in China, traders do purchase the stablecoin over-the-counter desks at a premium rate. This is done to engage themselves in crypto trading.
The CTO at Tether, Paolo Arduino was recorded saying,
“We are excited to increase the utility and attractiveness of USDT for our users and our community. 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.”