USDC is a stablecoin that is pegged to the US dollar. It is used as a medium of exchange on various decentralized applications and platforms. It is also used to store value. USDC is created by a consortium called Centre. The companies behind Centre are Coinbase and Circle.
Staking stablecoins like USDC is a great way to earn additional cash on top of your other cryptocurrencies. Staking is a way to earn rewards for holding a specific cryptocurrency while helping the ecosystem.
Staking also serves as a way to maintain network health by keeping nodes up to date with current network activity. When you are staking, you are using your computer resources for the validation of transactions on specific blockchains. Your computer becomes an active part of the blockchain network.
There are many places where you can stake USDC, but not all options are equal. You have to be careful about which platform you choose to stake on because there are hidden costs that will eat away at your earnings.
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Safest Places to Stake USDC in 2022
Yearn.finance is a great resource for those looking to stake their USDC. The website offers a variety of services, including staking, lending, and borrowing. Yearn.finance also has a user-friendly interface that makes it easy to use.
The website has been operational for almost two years and has built a reputation as a reliable and trustworthy platform. In addition to USDC, the website also supports other stablecoins such as DAI and PAX.
USDC can be staked on Yearn.finance for 5.07%% annually ( as of Jan 12th 2022 ) with no hidden fees or terms. No withdrawals are allowed during the period of staking. Users will not incur any platform fees unless they borrow or lend their coins elsewhere. Another great benefit of staking on Yearn.finance is that you will gain access to future services such as peer-to-peer lending and borrowing.
Waves is a blockchain platform that focuses on custom token creation and trading. It can be used by individuals to issue tokens, trade cryptocurrencies, send international remittances, store funds securely in a decentralized manner, and more.
USDC can be staked on Waves for 63.7% APY ( as of Jan 12th 2022 ) with no hidden fees or terms. The service is called Lambo Investments and is one of the most profitable ways to stake USDC right now.
No withdrawals are allowed during the period of staking. Users will not incur any platform fees unless they borrow or lend their coins elsewhere.
Voyager Digital is a crypto exchange that allows users to buy and sell cryptos such as BTC, ETH, XRP, and many more. Voyager has recently added support for USDC on its platform.
USDC can be staked on Voyager Digital for 9% APY. Keep in mind that you need to maintain at least 100 USDC in your account to be able to stake on Voyager Digital. Rewards are calculated based on average daily holdings and distributed in USDCs by the fifth business day of the month.
Binance is a cryptocurrency exchange that was founded in China in 2017. The company moved to Japan after the Chinese government banned cryptocurrency exchanges. Binance is one of the largest cryptocurrency exchanges in the world and has a daily trading volume of over $1 billion.
It offers modest returns at only 2.79% APY but your holdings are not locked and you can stop the staking process at any given time without losing your profits. Practically there is no minimum requirement to stake USDC on Binance ( MIN 0.0001USDC ).