Crypto Platform Celsius Network To Offer High Interest Income On TrustToken’s Stablecoins

News | October 17, 2019 By:

Cryptocurrency interest income platform Celsius Network has added support for four new stablecoins from asset tokenization platform TrustToken.

Celsius Network is a blockchain-based marketplace platform where membership provides access to curated financial services that are not available through traditional financial institutions.

Based in San Francisco, TrustToken is a platform for tokenizing fiat currencies and real-world assets. The company claims that its TrueCurrencies – True Great Britain Pound (TGBP), True Australian Dollar (TAUD), True Canadian Dollar (TCAD), True Hong Kong Dollar (THKD), True US Dollar (TUSD) – are the world’s first independently-verified fully collateralized stablecoins, trading on top exchanges like Binance, Huobi, and OKEx and generating billions in monthly trade volume.

In a press release, Celsius said that its platform now pays up to 10% APR on 10 different stablecoins pegged to stable currencies around the world including: TGBP, TAUD, TCAD, THKD, TUSD, Paxo’s PAX, MakerDAO’s DAI, Coinbase’s USDC, Gemini’s GUSD, and Tether’s USDT.

“TrueCurrencies already offer transaction speeds beating traditional money transfers and the lowest costs of any stablecoin, but to grow adoption all cryptocurrencies need to grow utility,” said Tory Reiss, TrustToken Co-founder. “That’s why we’re excited to work with such incredible partners to bring high-interest accounts to even more of the world, now denominated in all five of our international currencies and far outperforming local savings accounts.”

According to Celsius, they are able to offer the highest rates because it is consistently earning higher returns on its deposits and distributes 80% of its income back to its depositors. In addition to earning interest on stablecoin deposits, users can deposit crypto and earn interest or use their crypto as collateral to request a loan issued in any of its supported stablecoins for as low as 3.46% APR.

“Stablecoins built on the blockchain allow us to move dollars in the form of digital tokens over the Internet, and that enables us to earn more for our borrowers from all over the world,” said Alex Mashinsky, CEO of Celsius Network. “By offering high interest income on stablecoins, Celsius enables anyone around the world to earn 10x more on their dollars than they ever could at a traditional bank.”