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.

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