Coinbase has decided to halt its plans to launch an interest-earning product two weeks after CEO Brian Armstrong took the SEC to task on Twitter for its lack of guidance on the matter.
The newly public cryptocurrency services firm said in an update on its blog Friday that it will not launch Coinbase Lend, which would allow users to earn a 4% annual percentage yield on the stablecoin USDC by allowing Coinbase to lend those funds to verified borrowers. Coinbase has also discontinued its waitlist for the product.
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