USDC interest rates and stablecoin yields

The best-known USDC interest rate is Coinbase’s: its US, UK, Australian and Canadian USDC pages advertised 3.75% on November 4, 2026, paid only to Coinbase One members. Kraken pays up to 4.00% APY on USDC to Kraken+ subscribers and up to 2.00% to other clients in the US, Canada, Australia and the UK. In the EEA, neither of those two USDC programs is offered.

This table lists the rates that exchanges, payment apps, lending platforms and DeFi protocols publish for USDC, USDT, PYUSD, USDG and USDS, with who is eligible, how the rewards are paid and, where the provider says so, where the money comes from. Every rate is taken from the provider’s own page, and each entry shows the date it was checked.

USDC interest rate by country

Most searches for a USDC rate are really asking what is available where the reader lives. Coinbase and Kraken publish country lists, and they differ.

Where you live	Coinbase USDC rewards	Kraken USDC stablecoin rewards
United States	3.75% advertised; Coinbase One required (from $4.99 a month)	Up to 4.00% APY with Kraken+, up to 2.00% without
United Kingdom	3.75% advertised; Coinbase One required (from £4.99 a month)	Up to 4.00% APY with Kraken+, up to 2.00% without
Australia	3.75% advertised; Coinbase One required	Up to 4.00% APY with Kraken+, up to 2.00% without
Canada	3.75% advertised for Coinbase One members on Coinbase’s Canadian page	Up to 4.00% APY with Kraken+, up to 2.00% without
EEA countries	Not on Coinbase’s list of eligible regions	Not offered (USDC rewards cover the US, Canada, Australia and the UK only)

Rates on Coinbase’s US, UK, Australian and Canadian USDC pages; eligibility from the USDC Rewards FAQ and Kraken’s Stablecoin Rewards page (last updated October 1, 2026). All checked November 4, 2026.

Two details are easy to miss. Coinbase’s Coinbase One help page still listed 3.5% for every membership tier on the same day the marketing pages showed 3.75%, and Coinbase says the rate can vary by country, by account type and through “ongoing experimentation”; the rate shown inside your account is the one that applies. Changes usually take effect on the first day of a calendar month. Kraken’s USDC rewards, for their part, are separate from its opt-in rewards, which are offered outside the US and whose terms allow Kraken to use the opted-in coins.

In the EEA the remaining options in the table are products such as Bitpanda’s Earn, which lends the coins to Bitpanda and, by Bitpanda’s own description, has no deposit or investor protection.

Rewards, lending and savings rates

The rates in the table come from three different arrangements:

• Rewards funded by the platform. Coinbase, Kraken’s stablecoin rewards and PayPal pay rewards on balances you keep with them. Coinbase and Kraken say they fund these programs themselves, and Coinbase and Kraken both say the stablecoins are not lent out.
• Lending. Kraken’s opt-in rewards, Bitpanda’s Earn product and Robinhood Earn put your stablecoins to use: with Kraken, the terms allow it to use opted-in assets; Bitpanda borrows them for its own liquidity; Robinhood lends USDG through Morpho vaults from a self-custody wallet. Bitpanda says its product is unregulated and has no deposit or investor protection.
• Protocol savings rates. The Sky Savings Rate on sUSDS is set by Sky governance and funded by protocol revenue from collateralized loans.

Headline rates are often “up to” figures that need a paid membership, a higher loyalty tier or a fixed term; the conditions column shows what applies. None of these balances is a bank deposit: Coinbase and Kraken both state that USDC rewards balances are not covered by FDIC insurance, and Kraken adds the UK’s FSCS.

Questions

Is USDC yield the same as interest? Not legally. Coinbase calls its payments a loyalty program, and Kraken and PayPal also describe theirs as rewards, not deposit interest. Lending products such as Kraken’s opt-in rewards and Bitpanda Earn do pay you for the use of your coins, with the risk that comes with lending.

Can I earn USDC rewards on Coinbase in the UK or Australia? Yes, both countries are on Coinbase’s eligible list, but only Coinbase One members earn there, as in the US, Singapore, Andorra, Gibraltar, Guernsey, the Isle of Man and Jersey.

Why is the rate in my account different from the one advertised? Coinbase says rates vary by country, account type and experiments, and its own pages disagreed on November 4, 2026 (3.75% on the USDC pages, 3.5% in the Coinbase One tier list). Use the figure in your account.

For how the stablecoins themselves work, see the stablecoin register, the USDC entry and where DeFi lending yields come from.

Sources

• Coinbase, USDC page (US, UK, Australia, Canada editions): https://www.coinbase.com/usdc
• Coinbase Help, USDC Rewards overview: https://help.coinbase.com/en/coinbase/coinbase-staking/rewards/usd-coin-rewards-faq
• Coinbase Help, Coinbase One: https://help.coinbase.com/en/coinbase/other-topics/coinbase-one/account
• Kraken Support, Stablecoin Rewards (last updated October 1, 2026): https://support.kraken.com/articles/stablecoin-rewards