Stabilize and grow: Constant helps USDC holders earn 10% returns on their tokens
CALIFORNIA — July 18th, 2019 — Constant continues to disrupt the credit industry with the addition of USD Coin (USDC) to its fully secured peer-to-peer lending platform. CENTRE, a consortium founded by Circle and Coinbase, announced the collaboration in a community blog post on Thursday. USDC joins another six stablecoins that can earn investors 10% APR or more by lending to collateralized borrowers.
“USDC’s focus on utility gives it a special momentum all of its own,” said Duy Huynh, Constant founder and CEO. “It’s borderless, fast, and much cheaper than boring old bank wires. What’s more, any regulated entity meeting CENTRE’s membership criteria can issue or redeem the stablecoin, which is a huge catalyst for adoption. As the community grows, we’ll be there to meet it with bank-beating interest rates.”
Constant’s P2P lending platform replaces expensive middlemen with an algorithm that matches collateralized borrowers with investors. Both parties set their own rates, and when matched, the agreement is enforced by smart contracts. Should the borrower fail to repay, or their collateral significantly falls in value, the collateral is sold to repay investors. So no credit checks, paperwork, or patronizing bank managers.
“We’re slowly moving into a new world of finance,” said Huynh, “one with fewer banks and more person-to-person business. Stablecoins like USDC are ideal for this since they transfer and store value much more efficiently than fiat. Yes, it’s an emerging asset class, but you don’t have to wait five or ten years to earn interest on it — you can earn 10% APR now. And we’re really excited to deliver that for the USDC community.”
USDC is backed by US Dollars (USD) held in reserve by regulated financial institutions. Grant Thornton LLC audits the reserve regularly, and it’s this commitment to transparency that has made USDC so popular. With Constant helping holders grow as well as stabilize their wealth, USDC could very well be the first choice for those seeking a digital dollar.
Headquartered in California, Constant is an alternative financial services platform designed to strip out the inefficiencies of the traditional banking industry and help people get more out of their money. Constant was founded by a team of scientists, economists, engineers, and designers, fully devoted to the mission of building simple, elegant financial tools for an increasingly interconnected world.
About Circle
Circle was founded in 2013 on the belief that open crypto technologies would replace the world’s closed, proprietary financial systems allowing everyone, everywhere to participate in an economy that’s more fair, more inclusive and more accessible. Today, their platform drives a new kind of global financial services company. One where individuals, institutions and entrepreneurs come together to use, trade, invest and raise capital with products and online services that are safe and easy-to-use.
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