Rates For All Stablecoins Are Increasing As Much As 1.5% APY

No, you're not experiencing déjà vu. Rates for all stablecoins are increasing - again. 

BlockFi continually sets rates based on market dynamics for lending and borrowing. Their goal is to both practice sound risk management policy and maximize earning opportunities for BlockFi Interest Account (BIA) clients. 

What does this mean for BlockFi clients?

BlockFi will make the following adjustments starting November 1, 2021 to all stablecoins including BUSD, DAI, GUSD, PAX, USDC, and USDT* held in the BlockFi Interest Account (BIA).

Tier 1 (up to $40,000) Stablecoins (excludes Tether and USDT) - 9% APY (formerly 8.25%)
Tier 2 ($40,000 and above) Stablecoins (excludes Tether and USDT) - 8% APY (formerly 7%)

Tier 1 (up to $40,000) Tether - 9.5% APY (formerly 8.25%)
Tier 2 ($40,000 and above) Tether - 8.5% APY (formerly 7%)

*USDT is only available to non-US retail clients. 

Please note that rates for all other cryptoassets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Chainlink (LINK), PAX Gold (PAXG), Basic Attention Token (BAT), and Uniswap (UNI), will not be changing in November--only stablecoin rates will be updated.

BlockFi sets rates for the BlockFi Interest Account (BIA) by balancing prudent risk management principles amid shifting market conditions, with the goal of maximizing the returns we can deliver to BIA clients. Rates on assets held in BIA are primarily driven by demand by institutional investors for borrowing these assets. 

These adjustments are part of BlockFi’s ongoing mission to continue delivering high-quality, long-term service for their clients while expanding their innovative product offering in a competitive and scalable way. Throughout their history, they have maintained competitive crypto interest yields even as crypto prices have fluctuated dramatically. As BlockFi's track record shows, rates may rise or fall, but BlockFi always remains committed to supporting clients’ financial goals.