StraitsX Business accounts can now begin earning a competitive rate of 2% APY on their USDC via the StraitsX Earn function on their StraitsX account dashboard. This comes in line with StraitsX accounts supporting USDC transfers beginning November 2022.
In addition, Business accounts can also continue to earn on their XSGD funds via StraitsX Earn, at the rate of 4% APY on the first 750,000 XSGD, and 2.5% APY thereafter.
StraitsX Earn aims to provide stable and competitive interest rates by deploying funds into carefully selected and audited Decentralised Finance (DeFi) protocols. The StraitsX Earn function offers users convenient access to the DeFi space without having to handle the blockchain environment or worry about fees, with StraitsX handling all transactions and absorbing all fees.
Funds in StraitsX Earn are currently deployed into the Uniswap XSGD/USDC liquidity pool, with returns offered to users as a stable interest rate, removing volatility risk for users. Read more on how StraitsX Earn generates yield here.
StraitsX Earn is currently only available for Singapore-registered Business Accounts.
There are no fees. Transactions and gas fees are all covered.
There is no minimum when you transfer in or out of StraitsX Earn.
The rates offered at the time of writing are 2% APY on the whole USDC Earn balance, and 4% APY on the first 750,000 XSGD in your XSGD Earn balance, and 2.5% thereafter. Interest is compounded and paid out daily at midnight 0:00 AM Singapore Time (SGT), UTC +8.
We aim to keep our rates stable. Any changes to the rates will be informed to you one week in advance. You will always be able to see the prevailing rates before transferring funds into your StraitsX Earn account.
There is no minimum holding period for your Earn balance. Users start accruing interest as soon as funds are added to their Earn balance. You will be able to request withdrawal of your funds from Earn at any time, and the withdrawal will be processed by the end of the next business day.
Find out more about StraitsX Earn here.