Binance has announced the launch of its USDT Locked Products under the Simple Earn program, offering users a fixed annual percentage rate (APR) of 6% on their deposits. This new offering aims to provide attractive returns for those who opt to lock their USDT for a fixed duration.
Mechanism on USDT Locked Products
According to Binance, the USDT Locked Products will follow a specific subscription format. Here are the key details:
- Subscription Format: Subscriptions are limited and will be available on a first-come, first-served basis. The product has a fixed duration of 21 days.
- APR: The fixed rate of 6% APR will remain constant throughout the Locked Simple Earn Term. Any changes to the APR will only apply to new subscriptions and not to existing ones.
- Reward Calculation Period: Rewards will be calculated from 00:00 (UTC) on the day following the subscription to the end of the subscription period.
- Rewards Distribution: Rewards will be distributed to users’ Spot Wallets on a daily basis.
- Early Redemption: Users can redeem their locked assets early, but all rewards received up to that point will be forfeited. The full balance of the locked assets, minus any distributed rewards, will be returned to the users’ Spot Wallet within 48-72 hours.
How to Get Started with USDT Locked Products
- Head to the Binance Simple Earn page and search for USDT.
- Select the 21-day option and subscribe to the USDT Locked Products to start earning 6% APR.
About Binance Simple Earn
Binance Simple Earn allows users to earn daily rewards by depositing their digital assets for flexible or locked terms. Users can subscribe to or redeem assets from Simple Earn almost at any time, thus maintaining flexibility and liquidity over their assets while earning daily rewards.
Please Note
- Binance reserves the right to adjust APRs at any time without prior notice. Users are advised to refer to the Binance Simple Earn Terms & Conditions before using any products on the platform.
- At the end of the agreed subscription period, Binance Simple Earn will redeem the digital assets locked in Simple Earn Locked Products to Simple Earn Flexible Products.
- Users can view their Locked Products subscriptions by navigating to Wallets > Earn > Simple Earn > Locked.
- The assets deposited in Simple Earn may be loaned to other Binance users (e.g., Margin and Crypto Loan products).
- A large number of redemption requests may temporarily delay redemption. Redemptions will resume upon the return of liquidity.
Binance’s new USDT Locked Products offer an excellent opportunity for users to earn a stable and attractive return on their USDT deposits, with the flexibility to redeem early if needed, albeit with the forfeiture of accrued rewards.
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