Stablecoin USDC developer Circle has announced that it has cut its annual yield to 0%.
Circle reduced product yield to 0%
Let’s continue with the drama in the crypto market. Circle recently announced that it was cutting its annual yield on its yield products to 0%. EZPR CEO Ed Zitron pointed out that Genesis was the reason Circle cut its yield. $25 million invested in Circle
Ed said he had previously analyzed the issue back in June that Circle was at risk from Genesis. get into troubleFinancially, Genesis is a major lender in the crypto market that was directly affected by the FTX crash.
The cut in yields has so worried the community that Circle’s Twitter account on Nov. 16 promised to reassure their clients that $2.6. Millions of customer dollars are still safe.
“Circle Yield product is a type of product. The overcollateralized fixrd term yield product (overcollateralized, fixed yield) and Genesis are counterparts in the Circle Yield product. Over $2.6 million of borrowings as of 11/16/22 are well protected by the contract. guarantee”
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