Argentinian Cryptocurrency Exchange Buenbit Launches Stablecoin Yield Instruments
Buenbit, one of the leading Argentinian cryptocurrency exchanges, announced the inclusion of two stablecoins in its current yield program. The company will allow its customers to earn yields of up to 11% annually on their USDC and USDT funds, with the earnings being deposited in customers’ accounts daily, targeting high inflation markets.
Buenbit Announces USDC and USDT Yield Instruments
More and more exchanges are trying to offer staking options for their customers, allowing them to earn money with the funds deposited on their platforms. Buenbit, an Argentinian exchange, is one of these, recently announcing the inclusion of two stablecoins as part of its yield investment instruments. The company confirmed that USDC and USDT-based investment structures were already available for users to gain yield on the deposits of these stablecoins.
According to reports from local media, the exchange will offer 11% for USDC deposits, and 9% on USDT deposits. These instruments join other coins such as BTC, ETH, DAI, BNB, DOT, ADA, SOL, and MATIC, allowing the customers of the exchange to gain yield without having to worry about price volatility. The interests of these products will be deposited daily.
Targeting High Inflation
The exchange is targeting high inflation markets (such as Argentina) where customers fear volatility but need to position their investment to gain some yield. Federico Ogue, CEO of Buenbit, explained the goal behind this new batch of investment products. He stated:
We continue to provide solutions that help people hedge against inflation and find crypto an easy-to-use place for their everyday finances. Stable cryptocurrencies are one of the products where users place the most trust, that is why we launch yields that contribute to increasing the capital of each of them.
Buenbit’s products are activated when the user deposits funds in the wallet of the exchange, and they can be withdrawn without having to wait for a defined time period, which differentiates the service when compared to other, similar offerings. The use of these instruments is especially interesting for Argentinians, who can sometimes collect a higher price in the exchange market for these stablecoins than for dollar bills.
Though the exchange is offering these new options, it has been hit by the recent market downturn. Buenbit announced in May that it was laying off almost half of its workforce in order to “maintain a self-sustaining and efficient structure” in the three countries where the exchange operates.
What do you think about the new stablecoin-based yield instruments launched by Buenbit? Tell us in the comments section below.