There is one important issue to keep in mind regarding the USDC and EURC
USDC is a fully programmable geo-location, time and feature alt coin enabling full control over individual consumption habits.
Translating to real life e.g.,
the issuer of the coin witch is regulated by the government can restrict USDC you have to buy gasoline only within 100Km from your residence and up to 50 liter per week. same for food , leasure , travel for anything you purchase.
This feature is not in implemented yet as far as i know but its there.
Giving you free money just the get used to working with USDC and later implement restrictions its something every user should be aware of.
source:
https://www.academia.edu/82038322/Stablecoins_Implications_for_Monetary_Policy_Financial_Stability_Market_Infrastructure_and_Payments_and_Banking_Supervision_in_the_Euro_Area
Topic: 16% interest in USDC, too good to be true? (Read 383 times)
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
The rate may not be stable and may not be for the entire annual period. As correctly noted, for example, on the OKX exchange, a deposit of up to $1,000 has advantages only for 180 days and the rate in this case is 10% as soon as the limit is exhausted, it will return to 5%. Sometimes there are advantageous offers, as in your case, but I am sure that such promotional companies will not last long, you always need to carefully read the terms. Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
That's right, the more USDC and folks get into it then for sure that the rewards will be split with all and the 16% APY will be decreased. As for the DeFi, as much as I want to encourage people get on it, I just can't because not only about the risk about collateral boosting but about them being an apple of the eye of hackers.
that's definitely the risk of smart contract based staking, literally we don't know when the hacker will come up with exploit and be able to steal the money, not to mention that it's always time based with these staking contract, the APR sometime just doesn't justify the risk even if it's 16%++ 
. that's why I personally also don't like staking on these decentralized platform despite defi already increasing their security these days.but can't deny that it's still a big market with billions being staked and there are many borrowers as well. but well, that's the risk of high APR.
That’s normal I guess. high rates usually come with higher risks. In banks, for example, time deposits offer less than 10% because they’re very safe and insured. While the high returns might seem tempting, make sure to read all the terms, DYOR, and assess if you’re okay with the potential risks before jumping in.
the promise of getting Up to 14% APY in Bitcoin seems more tempting but as I said you should not trust these services.A quick review of their reviews shows that many complain about hidden fees and slow response from the support team.
The question is, are they profitable currently, or are their revenues enough to cover those interests that they're giving to their customers.
it's just a ponzi to me, they all pay until they don't. and those services also aren't exactly transparent about how they are able to generate those kinds of profit %.I'd stay away with this and if you really want to store USDC, just go with more reputable exchanges.
sorry, but no one should store their coins on an exchange, reputable or not.you deposit, you exchange, you get out.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
16% interest in USDC, too good to be true? You already mentioned early that this is a promo haha.
Some centralized Exchange or brand new app or DeFi always claim they will give the best result by using their app and can give you thousand of APY in certain token and give you double digit APY on stablecoin but if you take a look their TOS especially in Centralized Exchange this promo usually only for new user and sometimes those double digit apy only for couple of days and week and after that it will return to normal.
I think the interest 16% become most bigger reward for staking USDC coins keep stable price and not worry will drop such as USTC but most important will the reward stable for long term or exchange have another regulation when getting many additional user stake USDC coins.
16% APR is actually pretty mid when you consider launchpool from the like of binance, or bybit where they give APR of 100% or more sometime though just for 7 days only . but overall if this 16% APR is consistent throughout the year then I'd say it's indeed quite big reward compared to tradfi interests.I knew back then wirex was crypto debit card provider but I still don't know how reliable they are.
No doubt with USDC stable coins and reward 16% interest seems excited but do you trust fully with Wirex exchange? Actually not heard yet and not popular with this exchange and braveness for staking USDC reward until 16% become most bigger reward than other or top exchange market usually the interest under 10% and have limitation amount for staking. If you trust with Wirex exchange must checking firstly the regulation its stable or not staking reward interest 16% behind any exchange always change the interest reward for staking if get additional user who stake their stable coins.
I think the interest 16% become most bigger reward for staking USDC coins keep stable price and not worry will drop such as USTC but most important will the reward stable for long term or exchange have another regulation when getting many additional user stake USDC coins.
I think the interest 16% become most bigger reward for staking USDC coins keep stable price and not worry will drop such as USTC but most important will the reward stable for long term or exchange have another regulation when getting many additional user stake USDC coins.
You don’t need to experience it firsthand to determine if it’s legit since you can easily search online. Also, this isn’t an exchange like Binance; it’s a digital payment platform. Their rates are in line with market standards, Binance can even go beyond 18% at times (as you said). That alone proves the rate they’re offering isn’t too good to be true as doubted by OP.
Ummm. I just check them they were not new in the crypto space their journey started before from the 2014 as far the detail I get from trustpilot their rating below 3.5 but their volume is over 20billion but I am also seeing that many have issue on this platform with verification and generally it took lots of time for verification, So if anyone want to use them it might be a big headache for them.
And as well before staking anything there must check their TOS because if you deposit and it reduce the APR then I think it will more disappointing and so there is others reputable platform where even if you get lower APR I think that will be good for using.
I've seen the same offers in the past from several exchanges. It's not too good to be true but bear in mind that it's not going to be 16% APY forever. At some point, there will be changes with the rate and that's why if there are some clauses or disclaimers, you have to look at it. The feeling that you get to earn this much interest is applicable to the majority that has a larger sum of USDC that will be into that interest accounts. If you've got so little, there is still some profit but it won't that much. I think that's why it's important to review that there could be some conditions like more than $500 of deposit, you'll earn less than 16%.
it's usually pooled reward so reward or APY will decrease overtime when there's more money staked.though arguably there are many defi vault that offer even higher APY but the reason they can give that much is because they also use the money staked to venture on pretty high risk way of making money through providing collateral for boosting yield and so on.
16% is definitely not too good to be true but there's always a catch, so it's better to be cautious.
I have never any experience on wirex platform, so that I have also not ability to say is it legit or nor.
It can be legit because before some time days I also see more than 18% apr on binance but it was on usdt but that time Euro doesn't bann the USDT.
Anyway before making any deposit on any exchanges for the the high apr we must know that they have also rights to change the apr at any time on their needs based on the market like when market is on bull or up then you will see in all of them have high apr but when market will make correcttion you will also see they decreased their apr rate so even they are legit I will say keep your fund on the safe place.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
I have never any experience on wirex platform, so that I have also not ability to say is it legit or nor.Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
It can be legit because before some time days I also see more than 18% apr on binance but it was on usdt but that time Euro doesn't bann the USDT.
Anyway before making any deposit on any exchanges for the the high apr we must know that they have also rights to change the apr at any time on their needs based on the market like when market is on bull or up then you will see in all of them have high apr but when market will make correcttion you will also see they decreased their apr rate so even they are legit I will say keep your fund on the safe place.
I've seen the same offers in the past from several exchanges. It's not too good to be true but bear in mind that it's not going to be 16% APY forever. At some point, there will be changes with the rate and that's why if there are some clauses or disclaimers, you have to look at it. The feeling that you get to earn this much interest is applicable to the majority that has a larger sum of USDC that will be into that interest accounts. If you've got so little, there is still some profit but it won't that much. I think that's why it's important to review that there could be some conditions like more than $500 of deposit, you'll earn less than 16%.
it's usually pooled reward so reward or APY will decrease overtime when there's more money staked.though arguably there are many defi vault that offer even higher APY but the reason they can give that much is because they also use the money staked to venture on pretty high risk way of making money through providing collateral for boosting yield and so on.
16% is definitely not too good to be true but there's always a catch, so it's better to be cautious.
I've seen the same offers in the past from several exchanges. It's not too good to be true but bear in mind that it's not going to be 16% APY forever. At some point, there will be changes with the rate and that's why if there are some clauses or disclaimers, you have to look at it. The feeling that you get to earn this much interest is applicable to the majority that has a larger sum of USDC that will be into that interest accounts. If you've got so little, there is still some profit but it won't that much. I think that's why it's important to review that there could be some conditions like more than $500 of deposit, you'll earn less than 16%.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
Well the right interest would be 8%.
so if you get 16% and keep it in for ½ year. you can quit and be ahead.
even at 8% it is close to 2x the current rate on paypal fdic on cash . I get 4.1%
So compared to paypal FDIC guaranteed money . in 100 days at 16% you get more than you do safely in a year.
how much can you afford to lose. 5000 ?
btw I park it for payapl and take my fdic 4.1%
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I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
---
how is it even economically possible and profitable for them to offer such interest?
This is the current interest rates of USDC on the top exchanges currently, and this isn't fixed, because there might be some slight changes depending on the exchange.---
how is it even economically possible and profitable for them to offer such interest?
- Crypto.com - Up to 8%
- Binance - Up to 6%
- Nexo - Up to 12%
- Bitget - Up to 4%
- OKX - Up to 5%
The question is, are they profitable currently, or are their revenues enough to cover those interests that they're giving to their customers. We don't know, but for me, I'd stay away with this and if you really want to store USDC, just go with more reputable exchanges.
who knows what happen within this 1 year, after all 1 year is too long for putting money at risk in a platform that's not know for its reliability.
as for wirex, I've found plenty of negative review in reddit, maybe that can be worth putting attention into if OP is afraid of wirex reliability.
I believe that there are different platforms or providers that offer this huge interest in most stablecoins, especially in Decentralized Finance (DeFi) and even in centralized exchanges or platforms.
I checked Wirex and it is a centralized exchange, so I am worried about being a centralized exchange as we common practice is "Not your keys, not your coins"
Do you think the exchange itself is safe even it says "Up to the 16% annual Savings Bonus"?
I checked Wirex and it is a centralized exchange, so I am worried about being a centralized exchange as we common practice is "Not your keys, not your coins"
Do you think the exchange itself is safe even it says "Up to the 16% annual Savings Bonus"?
legendary
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I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
---
how is it even economically possible and profitable for them to offer such interest?
This is the current interest rates of USDC on the top exchanges currently, and this isn't fixed, because there might be some slight changes depending on the exchange.---
how is it even economically possible and profitable for them to offer such interest?
- Crypto.com - Up to 8%
- Binance - Up to 6%
- Nexo - Up to 12%
- Bitget - Up to 4%
- OKX - Up to 5%
The question is, are they profitable currently, or are their revenues enough to cover those interests that they're giving to their customers. We don't know, but for me, I'd stay away with this and if you really want to store USDC, just go with more reputable exchanges.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
You made the right decision, not only because USDT and maybe will continue to other stablecoins that are banned in the EU, but making a deposit on CEX to get interest is a mistake because the risk is greater than trading, because this CEX service can suddenly go down or be hacked which will also make your funds disappear, because usually to get interest you have to lock it for some time which you can't withdraw before that period is over, so "not your keys, not your coins" is a watchword that must be remembered, understood and carried out by all crypto owners.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
All platforms have a certain amount limitation for high APR so you need to calculate real time APR. And since your crypto is not in your control when you are staking your crypto, staking crypto on all platforms is high risk. When it comes to crypto staking you must find a trusted and reputable site and stake there and then or else you may lose your crypto due to some unfortunate reason. So don't rush there without checking the platform after seeing the high interest Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
better to be safe than sorry since you are living in Europe with has restriction on tether, might be bad for other stablecoin as they could be targeted with this mayhem.
But 16% is good considering theres no lock period or shorter lock terms. I like doing that, but in defi theres a good APY only if you trust the project.
At first, I'm going to say that the issue is only with Tether, while other stable coins are still different but then, like him I also think about the offer. The OP is right, how can they offer a seamlessly high interest if they themselves are not really that huge yet? Guess you are right that it is better to be safe here than sorry.But 16% is good considering theres no lock period or shorter lock terms. I like doing that, but in defi theres a good APY only if you trust the project.
Quote
in defi theres a good APY only if you trust the project.
Yeah, I've also seen lots of projects that offers a high percent of APY and APR but many are still scams here. As for those that are legit, they might offer a more realistic percent. Maybe their only difference is they are not using a stable coin, or other coins are allowed, in which the OP can have a much safer deal here, as he is on a country where stable coins has an issue. 
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
Just don't forget that when you put money on any exchange site platform it is not your key, not your coins. Therefore, you should know how can afford to lose, it is important as a trader or investor. Then that 16% is already a lot but I'm not saying that it is scammy.
besides that, I'm not that familiar with what you're saying, but if you did some research on it, it would be better and if you found it to be good,
it's up to you if you continue.
the promise of getting Up to 14% APY in Bitcoin seems more tempting but as I said you should not trust these services.
A quick review of their reviews shows that many complain about hidden fees and slow response from the support team.
A quick review of their reviews shows that many complain about hidden fees and slow response from the support team.
They can probably offer that rate because they earn from their service charges, plus they have a large market based on what’s mentioned here.
Quote
Global Reach: Wirex is available in 130 countries worldwide and rapidly expanding.
https://www.fxempire.com/crypto/exchange/wirex/review
That’s normal I guess. high rates usually come with higher risks. In banks, for example, time deposits offer less than 10% because they’re very safe and insured. While the high returns might seem tempting, make sure to read all the terms, DYOR, and assess if you’re okay with the potential risks before jumping in.
the promise of getting Up to 14% APY in Bitcoin seems more tempting but as I said you should not trust these services.A quick review of their reviews shows that many complain about hidden fees and slow response from the support team.
That’s normal I guess. high rates usually come with higher risks. In banks, for example, time deposits offer less than 10% because they’re very safe and insured. While the high returns might seem tempting, make sure to read all the terms, DYOR, and assess if you’re okay with the potential risks before jumping in.
So If you are to invest a decent amount of money, remember that we’re dealing with crypto, which is already considered a high-risk market. That’s why you need to understand what you’re getting into. Also, interest rates vary depending on the coin. The higher the interest rate, the higher the risk, that should come together.
So If you are to invest a decent amount of money, remember that we’re dealing with crypto, which is already considered a high-risk market. That’s why you need to understand what you’re getting into. Also, interest rates vary depending on the coin. The higher the interest rate, the higher the risk, that should come together.
according to ---> https://bitcompare.net/platforms/wirex/lending-rates
It is Up to 14% APY for bitcoin and not fixed 14% and is often subject to certain conditions that 90% of investors fail to meet, such as a min deposit limit, for example, depositing more than $10k/50k, strict KYC/AML or other conditions. These companies can meet obligations in a bull market, but it is rare for this to happen in a crypto winter, so stay away from them.
Quote
Bitcoin
(BTC)
Interest rate
Up to 14% APY
Last updated
December 5, 2024
Tether
(USDT)
Interest rate
Up to 16% APY
Last updated
December 5, 2024
USDC
(USDC)
Interest rate
Up to 16% APY
Last updated
December 5, 2024
(BTC)
Interest rate
Up to 14% APY
Last updated
December 5, 2024
Tether
(USDT)
Interest rate
Up to 16% APY
Last updated
December 5, 2024
USDC
(USDC)
Interest rate
Up to 16% APY
Last updated
December 5, 2024
It is Up to 14% APY for bitcoin and not fixed 14% and is often subject to certain conditions that 90% of investors fail to meet, such as a min deposit limit, for example, depositing more than $10k/50k, strict KYC/AML or other conditions. These companies can meet obligations in a bull market, but it is rare for this to happen in a crypto winter, so stay away from them.
need to recheck the email first, but I think there are occasional offering of high interest staking in various exchange, usually for new members. it's part of their promo and i'm pretty sure the APR is the exchange subsidy.
though honestly i find the email you receive pretty fishy.
however, if we're talking about high APR stablecoin staking, there are also defi where they allow you to loop your asset to morpho or aave to leverage it, you get boosted APR with the risk of liquidation if the stable depeg, I think this one make more sense because risk equal to benefit. regardless, always learn the ins and outs of the staking program first before doing it, just in case, so you won't get trapped.
though honestly i find the email you receive pretty fishy.
however, if we're talking about high APR stablecoin staking, there are also defi where they allow you to loop your asset to morpho or aave to leverage it, you get boosted APR with the risk of liquidation if the stable depeg, I think this one make more sense because risk equal to benefit. regardless, always learn the ins and outs of the staking program first before doing it, just in case, so you won't get trapped.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I have seen more than 16% on Bybit and Bitget. If the market is higher bullish, the APR of the stable coin like USDT and USDC will increase. But if the market cools a little, they will go back to 10%. The exchange can give you 16% APR offer but know that the APR is not constant but changing and they might reduce it soon.Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
But I haven't risked a stablecoin in 1 year to chase the APY offered.
An apple in the pocket is a better deal than 2 apples on the tree. If the deal is too good to be true, it probably is. How much do you know wirex? How much do you trust them? They are paying these high amounts, because nobody trusts them probably.
Why don’t you go ti binance like everybody else? The rate is 10% there. At least if they go down they will take half of the world with them.
Wirex is small potatoes compared to binance. If wirex goes down, nobody will care.
Why don’t you go ti binance like everybody else? The rate is 10% there. At least if they go down they will take half of the world with them.
Wirex is small potatoes compared to binance. If wirex goes down, nobody will care.
While the rates are higher than the usual financial market standards, you have to understand that it’s crypto, so the risks are higher, and naturally, the returns are higher as well. Wirex has been around for a while and is regulated, which adds some confidence if you’re considering trying out their services.
I understand that, but my question was more from the perspective of the borrower, so why would they borrow money from you at those rates when they could simply get them cheaper from normal lending, or are they unable to get that much funds which is a bit concerning, if they don't have the assets for a normal liquidity line with a bank.
I have seen more than 16% on Bybit and Bitget. If the market is higher bullish, the APR of the stable coin like USDT and USDC will increase. But if the market cools a little, they will go back to 10%.
Woundn't that mean they are basically gambling with your money like Celsius did based on market trends?
Check the full terms, all the big exchanges do this promo. But it's actually only averaged to 16% PA. They probably only give you something like 2 weeks or 1 month. So in actuality you're getting something like 1+% for the promo month.
It's still good but it's kinda pointless. Even if you had $1000, its extra 11 dollars for the month.
It's still good but it's kinda pointless. Even if you had $1000, its extra 11 dollars for the month.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
This may be strange to you but Wirex is not the only actor in such a manner now, I am sure that Bybit, Bitget and many other big names offer even more than 16% per annum on USDC and USDE, but that of the USDT could be lower, yet, I've seen Bybit advertising as much as 34% on the USDT in December. This is not what I just read/heard, I've also participated in that of the USDC and USDT, so the packkage could be real, but you have to first trust Wirex.Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
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how is it even economically possible and profitable for them to offer such interest?
I think companies now have affiliations with stablecoins. 
Wirex can offer such high-interest rates because when users credit their X-Accounts, the platform converts those funds into DAI or another stablecoin (depending on the currency you credit) and places them in a DeFi protocol for you.
You could earn this interest without having to give control of your funds to a centralized custodian, but this offering is probably targeting users who don’t have much experience with DeFi and don’t want to deal with the risks and complexity themselves.
Trouble is, these CEX can't be trusted as they could get behind and change the ToS of the service if on the process they observe that there's nothing there for them as it should be. I think I'll love to want to stick with the famous statement "not your keys not your coins".
It is not 16% fixed interest, but rather, up to 16% variable interest. During the recent bull run, interest rates on lending platforms like Aave have gone into the double digits. Currently, USDC has 12% interest if you lend it on Aave. On Wirex’s website they state that interest is coming from DeFi platforms.
You could earn this interest without having to give control of your funds to a centralized custodian, but this offering is probably targeting users who don’t have much experience with DeFi and don’t want to deal with the risks and complexity themselves.
Wirex can offer such high-interest rates because when users credit their X-Accounts, the platform converts those funds into DAI or another stablecoin (depending on the currency you credit) and places them in a DeFi protocol for you.
You could earn this interest without having to give control of your funds to a centralized custodian, but this offering is probably targeting users who don’t have much experience with DeFi and don’t want to deal with the risks and complexity themselves.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
Well better to be safe than sorry since you are living in Europe with has restriction on tether, might be bad for other stablecoin as they could be targeted with this mayhem.Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
But 16% is good considering theres no lock period or shorter lock terms. I like doing that, but in defi theres a good APY only if you trust the project.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
This is why the cryptocurrency market is attractive, because here you can get a bigger profit than the one you can get from treasury bonds. The yield of 16% per annum does not surprise me, the main thing is that it should be a proven protocol. Gate Cryptocurrency Exchange Offers 45% per annum for USDe staking - https://www.gate.io/ru/announcements/article/40715
It’s legit.. you can check some of the rates here: https://bitcompare.net/platforms/wirex/lending-rates.
While the rates are higher than the usual financial market standards, you have to understand that it’s crypto, so the risks are higher, and naturally, the returns are higher as well. Wirex has been around for a while and is regulated, which adds some confidence if you’re considering trying out their services.
BTW, its " up to 16%", its the maximum they can offer, so it could be lower.
While the rates are higher than the usual financial market standards, you have to understand that it’s crypto, so the risks are higher, and naturally, the returns are higher as well. Wirex has been around for a while and is regulated, which adds some confidence if you’re considering trying out their services.
BTW, its " up to 16%", its the maximum they can offer, so it could be lower.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I have seen more than 16% on Bybit and Bitget. If the market is higher bullish, the APR of the stable coin like USDT and USDC will increase. But if the market cools a little, they will go back to 10%. The exchange can give you 16% APR offer but know that the APR is not constant but changing and they might reduce it soon. Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
Such a big offer compared to some exchanges like Binance; they offer around 10% in USDC with some terms like the 7% is limited to 500USDC and the 3% if you deposit more than 500USDC for OKX; it also offers the same but is limited to 1000USDC for 180 days after than it would drop to 7% for bitget exchange they offer 8% limited only for 100USDC for new accounts which is way lower than the other exchanges.
Why not check the terms first because that offer is really high compared to exchanges?
Take note of the limits of how much amount of USDC they only allow for 16% interest, and maybe they can only offer 100 USDC or limited days.
Why not check the terms first because that offer is really high compared to exchanges?
Take note of the limits of how much amount of USDC they only allow for 16% interest, and maybe they can only offer 100 USDC or limited days.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
That's a very good interest rate and it's not a scammy offer. I have never used Wirex but I have known about the existence of Nexo for a long time, which has been offering up to 12% APY on USDT fixed-term investment and as far as I know, people don't have negative experience with this service.Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
Today, since Nexo offers up to 14% APY on USDC and 15% on EuroX investments, I'd choose Nexo over Wirex but that's my personal choice. Btw I suggest you have a deep look at the terms of investment because these offers come with some costs, for example, they might deduct your profit if you have invested for a fixed period of time and try to withdraw before that period expires.
There is one rule in the crypto world. Not your keys - not your coins. Because of this rule, people will never suggest you put money anywhere, no matter how trustworthy the service is.
I got an email promo from Wirex, claiming up to 16% interest in USDC when you deposit on their x accounts.
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
Completely ignoring the service itself, is it 16% a year even possible with a stable coin, and how can they even offer this when the treasury yields are not even a third?
I am not planing on getting stuck in any stable coin right now since I'm living in Europe so the tether drama is enough to keep me away from this not even considering I can perfectly recall the Celsius nightmare but strictly speaking in numbers , how is it even economically possible and profitable for them to offer such interest?
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