Circle, the company that runs and issues USDC has dropped their Circle Yield product APY rate to 0%.
Genesis, which put $25 million into Circle, was the driving force behind Circle’s Yield product, as noted by Ed Zitron, CEO of the media relations firm EZPR.
In a post he published in June, ZItron expressed his concerns about Circle, citing a statement from the company that admitted their exposure “to credit risk” due to their relationship with Genesis, the same Genesis that had previously lent Three Arrows Capital (3AC) $2.3 billion.
On November 16, Circle made a statement on its official Twitter account outlining their overcollateralized fixed-term yield product, the $2.6 million in loans still outstanding, and their assurance that the loans were still protected from possible losses.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Annie
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Circle Drops Yield Rates To 0%
Circle, the company that runs and issues USDC has dropped their Circle Yield product APY rate to 0%.
Genesis, which put $25 million into Circle, was the driving force behind Circle’s Yield product, as noted by Ed Zitron, CEO of the media relations firm EZPR.
In a post he published in June, ZItron expressed his concerns about Circle, citing a statement from the company that admitted their exposure “to credit risk” due to their relationship with Genesis, the same Genesis that had previously lent Three Arrows Capital (3AC) $2.3 billion.
On November 16, Circle made a statement on its official Twitter account outlining their overcollateralized fixed-term yield product, the $2.6 million in loans still outstanding, and their assurance that the loans were still protected from possible losses.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
CoinCu News
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