Circle Drops Yield Rates To 0%

Circle, the company that runs and issues USDC has dropped their Circle Yield product APY rate to 0%.

Circle Drops Yield Rates To 0% 2

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.

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Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.