The American based Crypto exchange Coinbase will start rewarding the users who hodl the decentralized stablecoin DAI on their accounts and with that earn up to 2% per annum.
The MakerDAO stablecoin DAI rates from Coinbase rewards to earn, is subject to a change in the future but the company will grant at the moment that every one dollar secured in DAI on the exchange will be earning interest and those gains can be cashed out anytime after the customer have it available on the account.
The rates accordingly to the Coinbase blog will be reviewed regukarly, and the reward feature is available in the United States (excluding Hawaii), United Kingdom, The Netherlands, Spain, France and Australia.
The DAI rewards will be available only to Coinbase users, the Coinbase Pro are not elegible to earn rewards from DAI, this rewards will be earned and distributed in the business days. The exchange started with interest rewards on their stablecoin USDC, that granted 1.22% per annum in earnings but drastically reduced it to 0.15% per annum.
So now the DAI stablecoin have been elected to earn interest for Coinbase users and starting on U.S and Europe, leaving for now Asia and Africa out of it, and those rewards will earn more interest per annum than USDC (their own stablecoin), and are eligible to rates review, meaning that anytime could be increased or lowered depending of the market conditions.
It's time to secure DeFi assets on Hodl, and Coinbase know the advantages to secure DAI on their customers accounts, which could give them more manners to use those funds on the clients accounts (earning interest yearly), to secure more assets and provide more liquidity to smart contract protocols, they win also users earn in a win-win situation.
"The DeFi assets are taking the market by storm".
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Well, 2% quit good enough compare to bank rates 1.5% per annun I think.