Summary
- Binance announced that it will run a promotion for a financial product based on USD1 stablecoin offering a maximum APR of 20%.
- It reported that USD1's market capitalization surged 4.14% immediately after the promotion announcement.
- USD1 was stated to be a stablecoin issued by World Liberty Financial.
Global cryptocurrency exchange Binance is conducting a promotion for the dollar stablecoin USD1. USD1's market capitalization surged immediately after Binance's promotion announcement.
Binance said on the 24th (local time) that it will run a promotion for the USD1-based financial product 'USD1 Simple Earn Flexible Product' until the 23rd of next month. Binance explained, "Users who subscribe to the product during the promotion period can receive up to 20% APR benefits, including real-time annual percentage rate (APR) rewards and tiered bonus APRs."
Specifically, the product's real-time APR rewards are updated every minute and paid into Binance users' accounts. The tiered bonus APR rewards are paid daily into users' spot accounts. The maximum 20% APR benefit applies to up to $50,000 of USD1.
Following the promotion news, USD1's market cap showed an increase. UBlockchain reported, "USD1 supply surged by 45.6 million units within hours after Binance launched the promotion." According to CoinMarketCap, USD1's market cap was $2.84 billion as of 4:17 p.m. that day, up 4.14% from the previous day.
Meanwhile, USD1 is a stablecoin issued by World Liberty Financial (WLFI), the cryptocurrency project of the family of U.S. President Donald Trump.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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