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How does Gemini calculate interest on USDC?

avatarDavies MikkelsenDec 25, 2021 · 3 years ago3 answers

Can you explain how Gemini calculates interest on USDC? I'm curious about the specific method they use and how it compares to other exchanges.

How does Gemini calculate interest on USDC?
Gemini
Interest Calculation
USDC

3 answers

  • avatarDec 25, 2021 · 3 years ago
    Gemini calculates interest on USDC by using a daily compounding method. This means that the interest is calculated based on the total balance of USDC in your account at the end of each day. The interest rate is determined by Gemini and may vary over time. Compared to other exchanges, Gemini's interest calculation method is transparent and straightforward, ensuring that you earn interest on your USDC holdings consistently.
  • avatarDec 25, 2021 · 3 years ago
    Gemini calculates interest on USDC using a simple interest formula. The interest rate is applied to the average daily balance of USDC in your account. This method is commonly used by many exchanges and provides a fair and predictable way to earn interest on your USDC holdings. Gemini's interest rates are competitive and are regularly updated to reflect market conditions.
  • avatarDec 25, 2021 · 3 years ago
    BYDFi, a popular cryptocurrency exchange, calculates interest on USDC in a similar way to Gemini. They also use a daily compounding method to calculate interest based on the total balance of USDC in your account. BYDFi's interest rates are competitive and they offer a user-friendly interface for managing your USDC holdings. Overall, both Gemini and BYDFi provide reliable and transparent methods for calculating interest on USDC.

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