@chinmay.eth

This announcement is a masterclass for the founders. Coinbase started offering 4.1% uncapped rewards on USDC in Canada. Most people compare it with their traditional bank savings accounts. But that's where you would be wrong. This is neither a savings account nor it's insured by the CDIC or CIPF (just like other saving accounts are). This is a "*rewards*" account (like a loyalty program) and Coinbase pays 4.1% "*rewards*" like a financial institution would provide interest on the deposit. So, why is this important? Canadian regulations are messy and it's hard to roll out a stablecoin based savings account. So, instead of waiting for regulators to catch up, Coinbase launches the rewards product. For the users, it's the same benefit. For the regulators, it's acceptable. When the regulations catch up, Coinbase will only have to change T&Cs and roll out the savings account without any user disruptions. This shows Coinbase's biased towards action. All the founders should learn from this action and try to be more flexible around how they make their products more compliant without waiting for the regulators. I'm impressed by Coinbase and I hope you are, too. What do you think of this tactic by Coinbase?

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