Cryptocurrency staking still remains an appealing way of generating passive revenue on assets and stablecoins. Despite the recent collapse of several centralized providers, there is still growing interest in staking stablecoins. Those with USDC in their portfolio have a few lucrative options to check out.
It may seem strange to achieve a return of over 15% on a crypto asset that cannot deviate from the $1 peg. Unlike UST and several other stablecoins, USDC is backed by hard fiat reserves, making it a bit more trustworthy than its algorithmic counterparts. dYdX, one of the oldest trading platforms on Ethereum, will offer USDC users returns of up to 15.46% on their USDC deposits. More importantly, it does so without acting as a custodian, which is a crucial aspect.
For users who want to risk using a custodial solution, Midas.Investments offer a 14.5% return on USDC deposits today. It is a solution trusted by over 11,000 members, although recent incidents affecting custodians have cast a dark shadow over the concept. That doesn’t mean it’s not worth exploring, although users should conduct thorough research and calculate their risks accordingly. A return of 14.5% is appealing, although it seems unlikely they can sustain that rate for long.
Another staking solution with relatively high USDC returns is unFederalReserve. The DeFi and P2P lending and borrowing solution offers banking products to smaller US Treasury chartered banks and non-bank lenders. unFederalReserve supports various assets, with USDT having a staking return of 16.68% and MATIC earning a flat 0%. The platform is non-custodial yet only has $1.37 million in USDC staking liquidity today.
Last but not least, there is the MyCointainer platform. Some DeFi enthusiasts may not be familiar with the brand, although it supports several dozen assets and has partnerships with Divi, QTUM, etc. The team aims to provide easy-to-use products enabling participation in decentralized economy reward distributions. USDC returns of 10% may seem high, although other assets have higher APYs of up to 32%, which is rather appealing for a platform branding itself as non-custodial.
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