Binance, the world's leading cryptocurrency exchange by trading volume, is introducing a new tether (USDT) earning program with an annual percentage yield (APY) of up to 13%. This move comes as Binance faces strong competition in the market. Many other digital currency trading platforms also offer yield services for stablecoin assets.
Binance Adds New Tether Earning Option With Potential 13% Annual Yield
Binance is giving investors the opportunity to earn up to 13% APY through its latest program. However, this offer is only available for a limited time. The promotion started on November 7 and will end on November 13, 2023.
"Back by popular demand… you can now earn up to 13% APY with USDT on Binance Earn," announced the exchange. It highlighted the offer's "real-time APR," which means that rewards accumulate in the user's Earn wallet every minute.
Over the past three years, various exchanges and cryptocurrency businesses have been offering rewards on crypto assets. Stablecoins like USDT and USDC have gained more popularity than traditional cryptocurrencies such as bitcoin (BTC) or ethereum (ETH) due to their better reward offerings.
Recent statistics reveal that Nexo offers a 16% APY for USDT holdings, Youhodler provides a 12% yield, and Crypto.com offers up to 6.5% APY for tether. In June, Coinbase announced that customers could receive up to 4% APR from USDC rewards.
According to reports, the decentralized finance (defi) platform Aave offers an 8.09% yield on USDT, while Compound has a reported yield of about 5.17%. In addition to the new USDT earn program, Binance also introduced rewards for locked TAI and DAI on the Binance Simple Earn platform. Users can choose an early redemption process if needed, but lock-in periods range from 15 to 120 days.
Binance's Earn service, crypto exchange, and various wallets are currently valued at approximately $63.71 billion based on cryptocurrency exchange rates. USDT makes up 27.87% of Binance's portfolio, indicating that the company holds around $17.75 billion of the leading stablecoin, according to the latest nansen.ai statistics. This means that out of the total 85.73 billion tether in circulation, Binance commands 20.70% of the entire supply.
What are your thoughts on Binance's latest rewards offering for tether? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
Can I have a gold ETF in a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
Traditional IRAs allow for contributions from both employees and employers. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
An Individual Retirement Annuity (IRA) is also available. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions to IRAs can be made without tax.
What Should Your IRA Include in Precious Metals?
You should remember that precious metals are not only for the wealthy. You don’t need to have a lot of money to invest. There are many ways to make money on silver and gold investments without spending too much.
You might also be interested in buying physical coins, such bullion rounds or bars. Also, you could buy shares in companies producing precious metals. You might also want to use an IRA rollover program offered through your retirement plan provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. Even though they aren't stocks, they still offer the possibility of long-term growth.
And, unlike traditional investments, their prices tend to rise over time. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
Should You Buy or Sell Gold?
In the past, gold was considered a haven for investors during economic turmoil. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Some experts believe that this could change very soon. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also point out that gold is becoming popular because of its perceived value and potential return.
Here are some things to consider if you're considering investing in gold.
- First, consider whether or not you need the money you're saving for retirement. It is possible to save enough money to retire without investing in gold. The added protection that gold provides when you retire is a good option.
- Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each type offers varying levels and levels of security.
- Last but not least, gold doesn't provide the same level security as a savings account. Your gold coins may be lost and you might never get them back.
You should do your research before buying gold. Protect your gold if you already have it.
How much money should I put into my Roth IRA?
Roth IRAs let you save tax on retirement by allowing you to deposit your own money. You can't withdraw money from these accounts before you reach the age of 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, you cannot touch your principal (the original amount deposited). No matter how much money you contribute, you cannot take out more than was originally deposited to the account. You must pay taxes on the difference if you want to take out more than what you initially contributed.
The second rule states that income taxes must be paid before you can withdraw earnings. You will pay income taxes when you withdraw your earnings. Let's take, for example, $5,000 in annual Roth IRA contributions. Let's say you earn $10,000 each year after contributing. The federal income tax on your earnings would amount to $3,500. This leaves you with $6,500 remaining. Since you're limited to taking out only what you initially contributed, that's all you could take out.
Therefore, even if you take $4,000 out of your earnings you still owe taxes on $1,500. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.
There are two types of Roth IRAs: Traditional and Roth. A traditional IRA allows for you to deduct pretax contributions of your taxable income. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. There are no restrictions on the amount you can withdraw from a Traditional IRA.
Roth IRAs won't let you deduct your contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. Unlike a traditional IRA, there is no minimum withdrawal requirement. You don't have to wait until you turn 70 1/2 years old before withdrawing your contribution.
Is the government allowed to take your gold
Because you have it, the government can't take it. It's yours, and you earned it by working hard. It belongs to you. However, there may be some exceptions to this rule. You could lose your gold if convicted of fraud against a federal government agency. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, even if taxes are not paid, gold is still your property.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- You want to keep gold in your IRA at home? It's not legal – WSJ
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads. Example. And Risk Metrics
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
finance.yahoo.com
How To
The best way to buy gold (or silver) online
First, understand the basics of gold. It is a precious metal that is very similar to platinum. It's rare and often used to make money due its resistance and durability to corrosion. It is hard to use, so most people prefer jewelry made of it to real bars of gold.
There are two types today of gold coins. One is legal tender while the other is bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They are not exchangeable in any currency exchange system. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. Every dollar spent on gold purchases, the buyer receives one gram of gold.
Next, you need to find out where to buy gold. If you want to purchase gold directly from a dealer, then a few options are available. First, your local currency shop is a good place to start. Another option is to go through a reputable site like eBay. You can also look into buying gold online from private sellers.
Private sellers are individuals that offer gold at wholesale or retail prices. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. This option can be a good choice for investing in gold because it allows you to control the price.
The other option is to purchase physical gold. Although physical gold is easier to store than paper certificates you will still need to ensure it is safe. You need to make sure that your physical gold is safe by storing it in an impenetrable container like a vault or safety depositbox.
You can either visit a bank, pawnshop or bank to buy gold. A bank can offer you a loan for the amount that you need to buy gold. Customers can borrow money from pawnshops to purchase items. Banks tend to charge higher interest rates, while pawnshops are typically lower.
You can also ask for help to purchase gold. Selling gold is easy too. A company such as GoldMoney.com can help you set up a simple bank account and get paid immediately.
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By: Jamie Redman
Title: Binance Launches High-Yield USDT Earning Program Amid Fierce Market Competition
Sourced From: news.bitcoin.com/binance-launches-high-yield-usdt-earning-program-amid-fierce-market-competition/
Published Date: Tue, 07 Nov 2023 21:30:57 +0000
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