LONDON--(BUSINESS WIRE)--Celsius Network (https://celsius.network/), the industry-leading cryptocurrency platform, announces today its partnership with Tether, a stablecoin which pegs its value to the US dollar. The Celsius app now supports the USDT ERC20 stablecoin allowing USDT holders to earn rewards and request loans on a far less volatile asset than other cryptocurrencies.
Celsius users can now request a loan issued in USDT, in addition to the existing stablecoins and fiat loan options available through Celsius, at rates as low as 4.95% APR.
The company currently offers interest income of 8.1% APR on USDT deposits and 10.53% when paid in CEL tokens. At the same time, using stablecoins reduces capital costs, allowing Celsius to offer loans at a lower rate.
Celsius has achieved notable milestones in the past year to drive the decentralization of traditional financial structures:
- Over $2.2 billion worth of coin loans originated since July 2018
- Over $350 million AUM in customer deposits and collateral from loans under management
- Over $3.5 million in interest payments distributed
“At Celsius, we’re working toward mass adoption of cryptocurrencies by paying 10X more than what banks pay on deposits and providing loans at rates unmatched by any bank or crypto lenders,” said Alex Mashinsky, CEO of Celsius Network. “Stablecoins, such as USDT, allow crypto holders to keep their funds in crypto, allowing for frictionless trades, while sidestepping the market’s lows and highs. We continue to Socialize profits while others only socialize losses.“
About Celsius Network
Celsius Network addresses the financial needs of today’s consumers worldwide through a democratized interest income and lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Find out more at www.celsius.network.