Trump-linked stablecoin USD1 hits 99% APR on Binance Chain
In March, Emirati state-owned investment firm MGX invested $2 billion in Binance via Donald Trump’s World Liberty Financial stablecoin USD1. Now, Binance Chain is distributing USD1 and generously incentivizing its use at rates that reached 99% APR (as of 3:20 UTC, July 15). Crypto yield farmers were quick to find ways to cash in on the sudden partnership, and have already unearthed an incredible and possibly irresponsible annual percentage return (APR) available to early users of the stablecoin. By looping Binance Chain-based USD1 on Euler Finance against the world’s largest stablecoin, tether (USDT), yield farmers have earned 99% APR on the presidential stablecoin . Euler Finance’s APR for a Binance Smart Chain USD1/USDT loop as of 03:20 UTC, July 15 That number is not a typo. Nowhere close to the 4% APR available in savings accounts or the 10% variable average return of the S&P 500, USD1 has launched on a decentralized finance (DeFi) platform at an APR ...