Binance Adds Lending for Stablecoin BUSD With 10% Annual Interest
Binance, the world’s largest crypto exchange, has released the details on the eighth phase of its lending products, which will start on October 9 and allows investors to passively earn income on their crypto holdings with 14-day contracts.
— Binance (@binance) October 7, 2019
According to the announcement, Binance has added lending support for its new stablecoin BUSD, with a notable 10% annualized return on the 14-day lending option. The current cap on this offering is 5,000,000 BUSD per individual.
Binance is seemingly working hard to secure its market share in the lending and passive income segments, especially as new competitors begin to emerge. As we previously reported, San Francisco-based Coinbase announced that US investors can now earn 1.25% APY for holding USD Coin (USDC) on Coinbase.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.