Ledn Launches USDC Stablecoin Savings Accounts With Focus on Latin America

Ledn is now offering USDC stablecoin savings accounts through a partnership with the crypto lending and trading conglomerate Genesis.

AccessTimeIconMay 14, 2020 at 1:00 p.m. UTC
Updated May 9, 2023 at 3:08 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The crypto loan startup Ledn, which primarily serves users in Latin America, is now offering USDC stablecoin savings accounts through a partnership with the lending and trading conglomerate Genesis.

(Disclosure: Genesis is owned by CoinDesk’s parent company, Digital Currency Group.)

  • BlackRock's Spot Bitcoin ETF Filing 'Will Get Approved,' Mark Yusko Predicts
    10:58
    BlackRock's Spot Bitcoin ETF Filing 'Will Get Approved,' Mark Yusko Predicts
  • UK and EU Push Ahead on Stablecoin Regulation; Hong Kong Approves Another Crypto Exchange
    26:05
    UK and EU Push Ahead on Stablecoin Regulation; Hong Kong Approves Another Crypto Exchange
  • Stablecoin Plans From UK Regulators Is the 'Next Stage' for Crypto Regulation: Legal Expert
    01:14
    Stablecoin Plans From UK Regulators Is the 'Next Stage' for Crypto Regulation: Legal Expert
  • UK Financial Watchdogs Reveal Stablecoin Regulation Proposals
    08:44
    UK Financial Watchdogs Reveal Stablecoin Regulation Proposals
  • Genesis VP of Originations Matt Ballensweig said in a statement his company believes this will “be a successful collaboration” that boosts liquidity for institutional investors in North America as well.

    Stablecoins have become increasingly popular across Latin America. For example, MakerDAO Head of Business Development Greg Diprisco said Wednesday at Consensus: Distributed that Argentina is the leading market for Maker’s dollar-pegged dai stablecoin. There are currently 108 million dai in global circulation.

    Similarly, Ledn co-founder Mauricio Di Bartolomeo said his firm’s service was inspired by customer demand for an account that lets them earn interest on stablecoin holdings.  

    “Users can convert their pesos into USDC and send them to our savings account where they can earn 7.5%,” Di Bartolomeo said. “We are already seeing large moves in LatAm forex rates relative to the U.S. dollar given recent events, making a pre-existing problem worse. Everyone knows and understands U.S. dollars in the region, which is why our Ledn USDC Savings Account could not come at a better time.”

    Earlier this year, Coinbase and Uniswap collaborated to boost USDC liquidity across the decentralized finance (DeFi) ecosystem. Ledn is now the second project, after Dharma, to offer such interest-bearing products for USDC.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.