Three things I wanted to mention but forgot to; Interest is compounded daily and rewarded monthly. Circle is the issuer of USDC, and Coinbase owns a minority stake in Circle. Also per Coinbase; US customers that are subject to US tax reporting are required to report their earnings from USDC Rewards. US customers who earn more than $600 in USDC rewards will receive a 1099-MISC from Coinbase.
Good question. Instead of keeping a lot of money in USDC, personally I'd rather do that in an FDIC insured online bank or financial technology company that has FDIC insurance through partner banks. There are several options for both that offer APYs around 5%. Check out the Savings Accounts & CD Accounts Ranked by APY playlists on my channel for more info.
Good question, according to Coinbase, accrued rewards are typically distributed within the first 5 business days of the following month into your USDC balance.
Yeap taxes ugh. I talk about tax implications more in my longer video about USDC, but with this being a shorts video I don’t have time for much detail.
@@tedlessor3887 yes they can be. I talk about it more in my longer video about USDC on my channel. Per Coinbase; US customers that are subject to US tax reporting are required to report their earnings from USDC Rewards. US customers who earn more than $600 in USDC rewards will receive a 1099-MISC from Coinbase.
Three things I wanted to mention but forgot to;
Interest is compounded daily and rewarded monthly.
Circle is the issuer of USDC, and Coinbase owns a minority stake in Circle.
Also per Coinbase;
US customers that are subject to US tax reporting are required to report their earnings from USDC Rewards. US customers who earn more than $600 in USDC rewards will receive a 1099-MISC from Coinbase.
Is it safe though to keep a lot of money in there? I would much rather make 5%on my capital gains though than put it in a bank with .5%
Good question. Instead of keeping a lot of money in USDC, personally I'd rather do that in an FDIC insured online bank or financial technology company that has FDIC insurance through partner banks. There are several options for both that offer APYs around 5%. Check out the Savings Accounts & CD Accounts Ranked by APY playlists on my channel for more info.
Great video. Can you do one on how often this APY is rewarded for let's say Holding 1 USDC and how long do you have to hold to get rewarded
Glad you enjoyed video. Thanks for the comment and suggestion, that’s a good idea. I’ll plan on doing a video about that.
Olá sou do Brasil, poderia ter legendas em seu video para pessoas de outros países também poderem adquirir essa informação
What’s the pay out period
Good question, according to Coinbase, accrued rewards are typically distributed within the first 5 business days of the following month into your USDC balance.
So much taxable events going on here 😭
Yeap taxes ugh. I talk about tax implications more in my longer video about USDC, but with this being a shorts video I don’t have time for much detail.
I thought rewards does get taxed?
@@tedlessor3887 yes they can be. I talk about it more in my longer video about USDC on my channel.
Per Coinbase;
US customers that are subject to US tax reporting are required to report their earnings from USDC Rewards. US customers who earn more than $600 in USDC rewards will receive a 1099-MISC from Coinbase.
And then get charged a fee