Buenbit, one of the leading cryptocurrency exchanges in Argentina, has announced the inclusion of two stablecoins to its current yield program. The company will allow customers to earn yields of up to 11% per year in USDC and USDT funds, with proceeds deposited daily into customers’ accounts, targeting highly inflated markets.
Buenvit has announced USDC and USDT Yield Instruments
as more exchanges seek to offer wagering options to their customers and allow them to earn income on funds deposited on their platforms. Buenbit, an Argentinian exchange, is one such exchange that recently announced the inclusion of two stablecoins as part of its yield investment product. The company confirmed that USDC and USDT-based investment structures are already available for users to earn yields from deposits of these stablecoins.
According to local media reports, the exchange will offer 11% on USDC deposits and 9% on deposits 9% on USDTdeposits; and 9% on USDT deposits. These products will join other coins such as BTC, ETH, DAI, BNB, DOT, ADA, SOL and MATIC, allowing the exchange’s customers to earn yield without having to worry about price fluctuations. yield without having to worry about price fluctuations. Interest on these instruments is credited daily.
Aiming for High Inflation
The exchange targets high inflation markets (such as Argentina) where customers are concerned about volatility but still need to position their investments to earn some yield. Federico Ogue, CEO of Buenbit, explained the goals behind this new investment product. He stated that.
We continue to offer solutions to help people hedge against inflation and find crypto an easy-to-use place for their everyday finances. A stable cryptocurrency is one of the products that users trust the most, which is why we launch yields that contribute to increasing their respective capital.
Buenbit’s products are differentiated when compared to other similar services because they are activated when the user deposits funds into the exchange’s wallet and can be withdrawn without waiting a set period of time. For Argentines, the use of such instruments is particularly interesting because of the possibility of purchasing stable coins on the exchange at prices higher than dollar bills.
Although exchanges offer these new options, they have been hit by the recent market downturn. In May, BuenBit announced that it would lay off almost half of its employees in order to “maintain a self-sustaining and efficient structure” in the three countries where the exchange operates.
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