Binance is set to launch LDUSDT — its second "reward-bearing non-stablecoin margin asset" — for users of its crypto futures trading platform.
With LDUSDT, users can convert their locked USDT from Binance's Simple Earn USDT Flexible Product into a margin asset for futures trading, while continuing to earn passive rewards, a Binance spokesperson told The Block.
"Users first subscribe to Simple Earn USDT Flexible Product in order to receive the rewards at the Real-Time APR. Because their USDT are locked, they can't do anything else with their funds until they redeem their USDT. Now they can swap their locked USDT to LDUSDT to use for futures trading and still continue to receive that APR," the spokesperson explained.
The current APR is around 1.5% and updates automatically on a minute-by-minute basis, the spokesperson said.
LDUSDT — the product name with no expanded form — is expected to go live "as soon as possible this month," the spokesperson added.
LDUSDT is Binance's second reward-bearing margin asset following the launch of BFUSD last November.
When asked how LDUSDT differs from BFUSD, the spokesperson said that LDUSDT removes the need for users to choose between earning passive rewards via Binance Earn and having liquid margin assets for futures trading — LDUSDT offers both in one.
In contrast, BFUSD involves purchasing and redeeming USDT or USDC to earn APY rewards that come from delta-hedging spot and futures positions, funding fee income and staking rewards.
"After the launch of our first reward-bearing margin asset BFUSD was positively received by users, we are pleased to introduce yet another product to bring more utility to our users," Jeff Li, VP of Product at Binance, said in a statement. "LDUSDT increases capital efficiency for users and lets users put their assets to work for them as both a reward-earning and liquid trading margin asset, all while retaining flexibility to redeploy their capital at any time."
Like BFUSD, LDUSDT's APR will never fall below zero, the spokesperson said.
"LDUSDT accrues the same real-time APR that they would have received from Binance Simple Earn USDT Flexible Product. The APR of Binance Earn products is never negative (below zero) and we do not offer negative APR on LDUSDT," the spokesperson noted.
Binance says its Earn product has over 10 million active users. The platform itself claims a total user base exceeding 250 million.
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