Canadians Can Now Earn up to 4.5% Rewards on Their USDC Balance
TLDR: For the first time, Canadians can earn 4.1% rewards for their USDC balance at Coinbase.
We are excited to announce the launch of USDC rewards in Canada, allowing Coinbase users to simply hold USDC and automatically earn 4.1% paid weekly. USDC is a 1:1 fiat backed crypto asset issued by Circle and approved by our Canadian Regulators. These rewards are a competitive alternative to traditional personal finance products such as GICs, chequing and savings accounts, and loyalty programs, while maintaining the ability to easily withdraw and spend your USDC.
A Part of an Updated Financial System
Today, in Canada, the interest rate for most chequing accounts is 0%. According to recent research commissioned by Coinbase through Angus Reid, Canadians want an updated financial system. 83% of Canadians say the global financial system should be overhauled, and 91% agree that big banks in Canada prioritize profit over their customers' financial success. [1] In contrast, Coinbase believes that loyalty deserves to be rewarded. In contrast to the default approach of direct depositing paycheque into a low-interest chequing account, Canadians can now easily and simply get rewarded with 4.1% on all USDC held on Coinbase - and 4.5% boosted rewards for all Coinbase One members.
Unlike the personal finance experience of many Canadians, typified by high fees, slow transaction times and cumbersome customer service, USDC rewards is part of Coinbase’s plan to give Canadians access to an updated financial system.
What is USDC?
USDC is a value-referenced crypto asset (VRCAs) or commonly known as a ‘stablecoin’. They are designed to maintain a stable value over time being pegged 1:1 to the US Dollar. Every USDC is 100% backed by cash and short-dated U.S. Treasuries held in regulated U.S. financial institutions. Unlike other cryptocurrencies, USDC is specifically designed to maintain price stability, making it a reliable option for holding, transacting, and earning rewards.
Start Earning Rewards Now:
Earn Rewards Automatically: No need to opt-in. When you hold USDC on Coinbase, you earn 4.1% rewards instantly, with weekly payouts.
Uncapped earnings at 4.1%: Earn 4.1% on any amount of USDC you hold without a CB1 subscription.
Boosted rates with Coinbase One: Users who sign up for Coinbase One will earn up to 4.5% on up to $30,000 USDC of their holdings, with the remaining balance earning 4.1%.
Access your USDC anytime: Sell, send, or convert your USDC whenever you want - no lock-ups or restrictions.
[1] This research was fielded in August 2024 with ~2,500 nationally representative adults in Canada.
Coinbase does not intend for the reward-bearing products described herein to constitute a securities offering, and purchasing these products is not the same as investing in a securities offering.
Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change at any time and you have no contractual right to rewards. You will be able to see the latest applicable rates directly within your account.
Coinbase USDC Rewards are a customer loyalty program offered at Coinbase’s discretion. USDC reward-bearing products are not savings accounts. USDC Rewards are not deposits and are not insured by the CDIC or CIPF.
About Lucas MathesonCountry Director, CanadaLucas Matheson is Coinbase's Canadian Country Director. He is committed to helping create a more equitable financial system in Canada through the power of blockchain.
Lucas has always believed in Coinbase’s mission. He opened his Coinbase account back in 2014, long before joining the company. In his role, he ensures Coinbase is built for Canadians and with their interests in mind. Working with partners, government and regulators, he is making crypto more accessible to Canadians.
Prior to Coinbase, he was the founder and CEO of Pinshape (exit Formlabs), and Senior Director at Shopify leading various operational and finance teams.
Lucas is passionate about entrepreneurship. He spends his spare time advising entrepreneurs and founders on how they can grow and scale, and actively invests in web3 projects and infrastructure.
