Celsius Network has announced a new partnership with Tether to integrate USDT into its wallet.
Thanks to this collaboration, Tether’s USDT will be fully integrated into the Celsius wallet, which allows users to earn passive income with reduced risk exposure.
USDT is the dominant stablecoin in the crypto market with a market capitalisation of over $4 billion, while Celsius Network is a crypto platform with its own wallet.
The integration will allow users not only to deposit USDT in the Celsius wallet but also to earn up to 12% annual interest. Interest is calculated daily and paid weekly and users can choose to earn interest on deposited cryptocurrencies, such as USDT, BTC or CEL tokens.
The Celsius wallet currently supports 19 currencies including ETH, LTC, as well as BTC and USDT.
Lending can also be done in Tether
Tether has also been added as the currency for the loans offered by Celsius Network, which means that users can now borrow USDT at interest rates of 3.46% per annum by offering adequate collateral in digital assets.
Celsius recently reduced the minimum loan threshold to $1,500 to make it accessible to a wider audience.
Since July 2018, more than $2.2 billion in loans have been disbursed on Celsius, with more than $4 million distributed in interest. To date, the platform has more than $350 million of assets under management, including deposits and loan collateral.
Tether’s CTO, Paolo Ardoino, said:
“We are excited to increase the utility and attractiveness of USDt for our users and our community. We are always looking for ways to improve our product offerings for the benefit of our community, and this partnership with Celsius is a great use case”.
Celsius Network CEO Alex Mashinsky added:
“At Celsius, we’re working toward mass adoption of cryptocurrencies by instilling confidence in crypto holders and providing financial services at rates unmatched by any bank or crypto alternative. 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”.