Ledn, a Canadian Bitcoin-backed lending platform, has launched a new service that will enable people to save in USDC, a stablecoin fully known as USD Coin. Per the announcement, the USDC saving service was released in partnership with Genesis, an OTC trading and lending company.
Ledn adds up with USDC savings account
The USDC savings add up to Ledn’s existing option of saving in Bitcoin. Hence, users can now be able to save in the top cryptocurrency and US dollar-pegged stablecoin, perhaps, to earn interest from them. The development somewhat endorses the adoption of crypto, especially from those looking to save in digital assets.
Following the partnership, the Canadian company will provide the Bitcoin and USDC saving service, while Genesis will serve as the primary borrower of the digital currencies, per the announcement. The CEO and co-founder of Ledn Adam Reeds commented in the report:
As the largest lender and borrower of digital assets globally, Genesis was instrumental in building the digital asset lending market into what it is today. We are proud to work with Genesis to bring this exciting product to our clients.
USDC price is not volatile
While highlighting on the USDC saving service, the Canadian lender pointed out that the price of such a stablecoin is not volatile, unlike many other cryptocurrencies. However, they can still provide the same seamless transfers and transparency offered by the volatile digital currencies, making the crypto an ideal option.
In addition to this, Ledn mentioned that it chooses the stablecoin because of its popularity among many other stablecoins pegged to the United States dollar. According to the lender, the US dollar is verifiable via the audits of reserve accounts, which are usually published on a monthly basis.
Matt Ballensweig, an executive at Genesis, added that the service launched today is aimed at meeting the demand of the institutions as the cryptocurrency lending market will continue growing.