Celsius Network has announced a new collaboration with stablecoin creator Tether to offer up to 12% interest on USDT deposits.
According to the press release shared with CryptoGlobe on Oct. 23, Celsius is partnering with Tether to offer full integration of the USDT stablecoin, which will allow depositors to begin earning interest on their holding.
Clients can now directly deposit USDT into their Celsius wallet and begin earning up to 12% in annual interest, which is paid out weekly. Users have the choice of which crypto-asset to earn interest with, including bitcoin.
Celsius explained how interest is generated,
USDt has also been added as a supported currency for the Celsius retail loan product. Users can now post collateral of their other digital assets and borrow USDt at interest rates as low as 3.46% Annual Percentage Rate (APR). Celsius recently announced a decreased loan minimum of $1,500, making its loans more accessible to the public.
Alex Mashinsky, CEO of Celsius Network, reiterated the platform’s commitment to offering users industry-leading services,
At Celsius, we’re working toward mass adoption of cryptocurrencies by instilling confidence in crypto holders and providing financial services at rates unmatched by any bank or crypto alternative.
Celsius has generated more than $2.2 billion in crypto loans since July 2018, with over $350 million in assets under management.
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