Recently, the official Binance Chinese account released information about an event related to USDe: Users can enter "No Deposit Interest" through the Binance Wallet DeFi entrance, activate USDe, and hold at least 10 USDe to participate in rewards according to the page's real-time APR. The annualized reward rate displayed at that time was about 4.75% at its highest.

This piece of information garnered attention because it changed many people's traditional impression of on-chain yield products: Users do not need to lock their assets or stake them; they can participate in rewards according to the rules with just one click after activation.

However, "No Deposit Interest" is neither a bank deposit nor a fixed interest product. Whether to participate cannot solely be based on the 4.75% figure; one must also consider the nature of the rewards, asset risk, computation methods, and their own usage scenarios.

1. First clarify: What exactly is 4.75%?

According to the official Binance announcement, the APR in "No Deposit Interest" is classified as a promotional reward rate, supported by the promotional funding from partnering parties, and is not a fixed return generated naturally after holding USDe.

Therefore, a more accurate understanding of 4.75% is:

In compliance with the activity conditions and holding requirements, and provided the page's interest rate does not change, the qualifying USDe balance may accumulate rewards according to the current displayed promotional reward rules.

It does not equal:

• Guaranteed earning of 4.75% each year;
• USDe will not experience price changes;
• Rewards will definitely cover Gas fees;
• User funds will not incur losses;
• All regions and all users will automatically qualify.

The official announcement also specifically notes that the real-time APR will change, and the final figure should be based on what is displayed on the "No Deposit Interest" page. This means that the figure seen when the article was published should not be regarded as a long-term fixed commitment.

2. Why is it called "No Deposit"?

The term "No Deposit" here does not imply that holding assets is unnecessary; instead, it means users do not need to deposit their assets into a locked product, nor do they need to perform traditional staking operations.

According to the official introduction, the participation path mainly involves:

1. Open the Binance App;
2. Enter the 【Wallet】;
3. Enter 【DeFi】;
4. Find 【No Deposit Interest】;
5. Choose USDe and activate;
6. Hold a qualifying balance according to the page rules.

Compared to products that require locked terms, this method offers greater flexibility. The official announcement mentions that users do not need to lock in assets, do not need to stake, and do not need to engage in complex interactions with smart contracts; qualifying assets can still be traded, exchanged, or withdrawn according to wallet functions.

However, flexibility does not mean there are no conditions. Users still need to pay attention to activation status, holding time, minimum balance, network, reward distribution time, and activity limits.

3. Holding at least 10 USDe does not mean rewards are received immediately

The official announcement states that by activating and holding at least 10 USDe through Binance Wallet DeFi's "No Deposit Interest," users can participate in related rewards.

There are at least three details that should not be overlooked:

1. Activation is required first

Simply placing USDe in the wallet does not mean the user has automatically joined the activity. Users need to enter the "No Deposit Interest" page, select the corresponding asset, and complete the activation.

2. Holding time must be met

The official announcement explains that deposited assets usually begin accruing rewards the next day, or T+1; only users who activate using a backed Binance non-custodial wallet and hold supported assets for at least 24 hours are eligible for rewards.

Therefore, checking rewards immediately after transferring assets may not reveal the full earnings for that day.

3. Minimum balance is just a participation threshold, not a profit guarantee

10 USDe is one of the minimum holding requirements mentioned on the official page. It addresses the question of "qualification for participation" but does not mean that simply reaching this threshold ensures receiving a fixed amount, nor does it guarantee that earnings will be higher than network fees.

4. How are earnings calculated?

According to the official Binance announcement, the No Deposit Interest reward is calculated daily and accumulated weekly. The basic formula for daily rewards is:

Daily reward = Daily minimum balance × Annualized reward rate ÷ 365

There is an easily overlooked keyword here: Daily minimum balance.

The official explanation states that the reward calculation is based on the hourly snapshot balances of qualifying assets across all non-custodial wallet addresses under the user's UID, taking the minimum value for the day. This means that if the user withdraws part of their USDe at some point during the day or if the balance briefly falls below expectations, the basis for reward calculation may decrease.

For example, assuming all activity conditions are met on a certain day, if the minimum balance for reward calculation is 1,000 USDe and the page APR is 4.75%, then roughly estimating using the formula:

1,000 × 4.75% ÷ 365 ≈ 0.13 USDe/day

This is merely a mathematical estimate, not a promise of actual earnings. Real rewards may also be affected by APR adjustments, applicable limits, activity eligibility, holding time, page rules, and redemption costs.

5. Why is "no locking" attractive to users?

The main issue with traditional locking products is that users may not be able to freely use their assets during the specified period; if market conditions change, exiting early may involve fees, waiting periods, or loss of earnings.

The appeal of No Deposit Interest lies in:

• Not needing to choose a fixed locking period;
• Not needing to hand over assets to any third party for custody;
• Not requiring users to actively engage in complex staking processes;
• When rules are met, assets retain significant flexibility in usage.

For users who already plan to hold USDe and do not intend to trade frequently for the time being, this reward mechanism may be more attractive than "asset idling."

However, it must still be emphasized: No locking does not mean there are no asset risks. The risks that users bear shift from "lock liquidity risk" to other risks such as stablecoin, platform service, wallet security, network, and activity rules.

6. What risks should be understood regarding USDe itself?

USDe is a digital asset and should not be simply equated with US dollars in a bank account, nor should it be assumed that it is without volatility simply because it contains "USD" in its name.

Users need to pay attention to at least:

1. De-pegging risk

Stablecoins may not always maintain a one-to-one value with the US dollar. If asset prices change, the reward amounts may not compensate for fluctuations in the market value of the principal.

2. Liquidity risk

During market fluctuations, decreased liquidity, or restricted trading channels, the exchange prices and transaction efficiency of assets may be affected.

3. Service and protocol risks

No Deposit Interest rewards are supported by promotional funds from partners, and the official does not describe it as a fixed interest generated by USDe itself. Related activities may be adjusted, suspended, or canceled, and users should pay attention to the latest pages and terms.

4. Self-custody security risks

The Binance wallet belongs to a self-custodial wallet scenario. Users should save their mnemonic phrases or backup information themselves and beware of phishing websites, fake customer service, malicious authorizations, and false airdrops. Anyone asking for your mnemonic phrase should not be trusted.

7. Five questions to self-check before participating

Before activation, you can ask yourself:

1. Do I understand that USDe is not a bank deposit and may experience price fluctuations?
2. Have I completed a wallet backup and can securely store my mnemonic phrase?
3. Do I comprehend the current page's APR, minimum balance, and holding time?
4. Am I accepting of APR changes and that rewards may be affected by caps?
5. Am I aware that claiming rewards may incur network Gas fees?

If any of these five questions cannot be answered, it is advisable to read the official rules first and not make decisions based solely on the promotional figure of "up to 4.75%."

Conclusion: What deserves attention is not just the yield

The appeal of Binance Wallet's "No Deposit Interest" to USDe holders lies in the relative simplicity of the participation path: no locking required, no staking needed, one-click activation, and rewards accumulated according to page rules.

However, a mature judgment should not stop at "4.75% looks high." More importantly, it is to understand: this is a changeable promotional reward, not fixed interest; a minimum of 10 USDe is a participation threshold, not a profit guarantee; not locking reduces liquidity limitations but does not eliminate risks associated with stablecoins and self-custody.

If you were already planning to hold USDe and can safely manage a self-custodied wallet, you can explore the current rules through the official entrance; if you cannot withstand asset price fluctuations or do not understand the basic operations of on-chain wallets, you should not participate solely for chasing APR.

First, check the rules, then look at the yields; first, understand the risks, then decide whether to activate.

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