Celsius Network, a cryptocurrency lending and borrowing platform, announced on Wednesday it has teamed up with global stablecoin provider TrustToken to offer interest income on True Great Britain Pound (TGBP), True Australian Dollar (TAUD), True Canadian Dollar (TCAD), True Hong Kong Dollar (THKD), True US Dollar (TUSD), Paxo’s PAX, MakerDAO’s DAI, Coinbase’s USDC, Gemini’s GUSD, and Tether’s USDT.
Celsius reported it is able to offer the highest rates because it is consistently earning higher returns on its deposits and distributes 80% of its income back to its depositors. The platform explained:
“In addition to earning interest on stablecoin deposits, users can deposit crypto and earn interest or use their crypto as collateral to request a loan issued in any of its supported stablecoins for as low as 3.46% APR.”
While sharing more details about the collaboration, Alex Mashinsky, CEO of Celsius Network, stated:
“Stablecoins built on the blockchain allow us to move dollars in the form of digital tokens over the internet, and that enables us to earn more for our borrowers from all over the world. By offering high interest income on stablecoins, Celsius enables anyone around the world to earn 10x more on their dollars than they ever could at a traditional bank.”
Tory Reiss, TrustToken Co-founder, went on to add:
“TrueCurrencies already offer transaction speeds beating traditional money transfers and the lowest costs of any stablecoin, but to grow adoption all cryptocurrencies need to grow utility. That’s why we’re excited to work with such incredible partners to bring high-interest accounts to even more of the world, now denominated in all five of our international currencies and far outperforming local savings accounts.”