HTX has announced its new product called ‘Stablecoin Earning Zone’ that will be offering users of the digital asset exchange competitive yield returns on their deposits to accounts, according to a press release.
HTX appeals to its global user base trading and holding a variety of stablecoins, such as USDT, USDC, USDD and USD1.
HTX was officially founded in 2013 and currently services over 47 million customers, with 60 billion AUM for the largest stablecoin USDT.
As part of this launch, the team announced competitive yields on the market under their ‘flexible’ term category.
Returns include 20% APY on USD1, 15% APY available with USDC, and 10% APU for USDT for existing customers and up to 100% APY for new registrants.
Aside from competitive exchange rates on rewards from companies like Coinbase and Kraken, the product is also framed as a response to low bank deposit rates across the U.S., where traditional bank accounts are currently offering in the low single digit rates.
Some newer FinTechs stretching to 5%, whereas the 10-year U.S. Treasuries are about 4.29%.
Both also do not provide deposit holders with optionality to move their funds.
