The Purpose of This Post
How to earn interest on stable coins using Nexo.io and why you should consider the service.
How Much Interest?
- 8% APR at the time of writing
- Paid daily
- Compounding
On Which Stable Coins?
- TrueUSD (TUSD)
- USD Coin (USDC)
- Multi-Collateral Dai (DAI)
- Paxos Standard (PAX)
- USD Tether (USDT)
Requirements
You can use the service with no KYC, but they have a withdrawal limit of $20,000.
Basic and Advanced KYC options available, to remove limits.
How Is the Experience
I have had a great experience, easy, no fees. Just works.
Signup was straight forward. They have a website and mobile (Andorid & iPhone) app. You can do all tasks on both.
Deposit was quick and easy. You will need existing coins. They do not offer a way to purchase directly in app.
Interest payments happen everyday, and they are compounding, which is great and exciting to watch.
They do have minimum withdrawal limits, but as long as you have more than $5, you will be ok.
No lockup or minimum deposit times. You can deposit and withdrawal on the same day if you like.
No deposit or withdrawal fees!
So $100 in, $100 + interest out.
Security
- They offer 2FA
- They have insurance through BitGo
Conclusion
An honest experience. I recommend Nexo for interest on stable coins.
It has been an easy, straight forward process.
Quick signup. Fee free. Easy terms.
Not too tight on KYC where they don’t need to be. They have their security and insurance covered, giving me confidence in their platform.
I don’t have any downsides or cons to share. I couldn’t really ask for more. The interest rate is up there with the best of them.
Disclaimer
Be sure to do your own due diligence. I have used their interest earning service. The link for Nexo is a referral link. There is no financial gain to me using the link, it only bumps me in the line to receive a Nexo credit card. Which as far as I can tell, hasn’t been released yet.