Coinbase Now Offers 2% Rewards on Dai Stablecoin Accounts

U.S.-based crypto exchange Coinbase has launched a rewards program for customers holding the dai stablecoin from popular DeFi project Maker.

• Coinbase said Wednesday that users holding more than 1 dai will see returns at 2% annual percentage yield (APY).
• The program applies to customers residing in the U.S., U.K., The Netherlands, Spain, France and Australia.
• Rewards are to be distributed within the first five business days of receiving dai in a Coinbase account and will be handed out daily after the first payout.
• Coinbase has a similar program for U.S. customers that rewards users based on the amount of USDC held in their exchange wallets. Staking rewards are also offered on XTZ$0.4417 holdings.
• The exchange already rewards users for interacting with educational content with dai as part of the Coinbase Earn project.
• Dai-issuer MakerDAO is the biggest platform in decentralized finance (DeFi). Earlier this week, the total value of cryptocurrency locked into the platform crossed $1 billion – a first for any DeFi project.
• Maker itself offers interest on holdings of dai, however Coinbase said the rewards scheme is a promotion funded by itself.

See also: IRS Enlists Coinbase in Latest Crypto Tracing Deal

Correction (July 29, 21:05 UTC): Coinbase is not planning to offer rewards on ADA$0.3710 accounts, as was misreported in an earlier version of this story. There are plans for Coinbase Custody to support the staking of ADA tokens later this year.

Edit (07:52 UTC, July 30): Updated with further information from Coinbase regarding the funding behind the rewards scheme.