Coinbase launches a crypto rewards program for USDC holders

Coinbase has announced the launch of a crypto rewards program for its users that offers eligible U.S. customers to earn 1.25% APY for every $USDC stablecoin they hold on the exchange. Coinbase notes that the exchange will not "lend or manage" its users' USDC holdings. According to Coinbase:

"USDC Rewards is a way for Coinbase customers to earn a return on USD Coin holdings without having to sell or transact any cryptocurrency. [...] Your crypto is yours and always stays in your account. You simply earn while storing your crypto safely on Coinbase."