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Circle drops Yield rates to 0%

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Circle, the company that runs and issues USDC has dropped their Circle Yield product APY rate to 0%.

As highlighted by the CEO of the media relations company EZPR, Ed Zitron, Genesis was the driving force behind Circle’s Yield product, having invested $25 million into Circle.

ZItron wrote about his concerns surrounding Circle back in June, quoting the firm’s statement that acknowledged their exposure “to credit risk” through their affiliation with Genesis — the same Genesis that had previously loaned Three Arrows Capital (3AC) $2.3 billion.

In response to Zitron’s tweet, another Twitter user, Michael, described Circle Yield’s drop to 0% as “incredibly revealing,” suggesting that this negative drop in interest shows more concern for negative payment outflows than attracting new capital.

An announcement on Circle’s official Twitter account on Nov. 16 detailed their overcollateralized fixed-term yield product, the $2.6 million outstanding in loans, and their assurance that loans remained safe from potential losses.

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