USDC Users Gain Access to Yield-Earning Options on Deribit Exchange

Deribit Introduces 4% Yield Program for USDC Holders

Deribit, the largest crypto options exchange globally, has unveiled a new rewards initiative for USDC holders, aiming to broaden collateral options and enhance capital efficiency for its users.

The yield program stems from Deribit’s partnership with Coinbase, which serves as the custodian for USDC funds. Coinbase offers rewards to those holding USDC through its services, with the current annual rate set at 4% as of July 2025. However, Deribit noted that this rate could change, as Coinbase periodically adjusts yields.

USDC remains the second-largest U.S. dollar-pegged stablecoin, with a market capitalization of $63.83 billion at the time of writing. Deribit currently accounts for about 80% of worldwide crypto options trading volume, positioning this new program as a significant addition for traders and investors.

Eligibility for the yield program depends on users’ geographic locations. For institutional participants, Deribit considers both the entity’s country of incorporation and its principal place of business.

To earn the yield, users must store their USDC directly with Deribit, rather than through external custodians. In hybrid setups, only the USDC held on Deribit’s platform will be eligible for rewards.

The first round of rewards will be distributed in August 2025, based on users’ minimum daily USDC balances held between July 15 and July 31, according to the exchange’s statement.