Deribit Rolls Out 4% USDC Yield Program for Eligible Users
Deribit, the world’s top crypto options exchange, has launched a new yield program offering eligible USDC holders an annual return of 4%, as part of its effort to expand collateral choices and improve capital efficiency on its platform.
The initiative is made possible through Deribit’s use of Coinbase for USDC custody services. Coinbase, in turn, pays yield to those holding USDC with them. As of July 2025, the yield stands at 4%, though the exchange cautions that rates are subject to change at Coinbase’s discretion.
USDC, the world’s second-largest dollar-backed stablecoin, currently has a market capitalization of $63.83 billion. Deribit accounts for nearly 80% of global crypto options trading, making this new offering a notable development in the market.
Deribit clarified that eligibility for the USDC yield depends on the user’s location. For institutional users, both the country of incorporation and principal business location are considered.
Importantly, only USDC held directly on Deribit qualifies for the yield. Funds stored with external custodians do not earn rewards, and in hybrid custody arrangements, only the portion kept on Deribit’s platform will be eligible.
The first round of rewards is scheduled for August 2025, calculated based on users’ minimum daily USDC balances between July 15 and July 31, according to Deribit’s announcement.
