Raenest has launched a new product that allows eligible users to earn up to 7% variable annual percentage yield (APY) on USDC and USDT balances directly through its app.
The product, called Stablecoin Vault, adds a yield-earning feature to Raenest’s existing money-management services. The platform allows users to hold and manage both traditional currencies and stablecoins from a single account.
Users can manage currencies including US dollars, pounds, euros and Nigerian naira alongside USDC and USDT, with the option to receive, hold, convert and spend their funds across supported currencies.
“Stablecoins are becoming an important part of how people and businesses manage money across borders,” said Victor Alade, CEO and co-founder of Raenest. “With Stablecoin Vault, we’re giving users more ways to put their balances to work.”
How Stablecoin Vault works
The Vault is available to eligible Raenest users in the company’s markets across Africa, Latin America and Asia.
Users can fund their Vault with USDC, USDT or supported fiat currencies, including USD, NGN, GBP and EUR. Fiat deposits are converted into the relevant stablecoin balance before being placed in the Vault.
Eligible users can then earn up to 7% variable APY on their stablecoin balances.
The yield is paid daily and automatically added to the user’s balance. There is also no fixed lock-up period, allowing users to add funds to or withdraw from the Vault at any time, subject to the applicable terms.
The 7% APY is variable and can change depending on market conditions.
More stablecoin features
The Stablecoin Vault builds on Raenest’s existing stablecoin services. Users can create dedicated wallet addresses for USDC and USDT, allowing them to receive and hold the assets without converting them into fiat currency.
They can also send USDC and USDT across supported blockchain networks or convert their stablecoin balances into fiat currencies when needed.
Raenest’s card also allows users to spend from their stablecoin and fiat balances, including USD, GBP, EUR and NGN, where supported.
The company says the new product is part of its broader effort to bring traditional currencies and digital assets into a single money-management platform for people and businesses operating across borders.
Raenest says it now serves more than one million users across more than 50 countries and has processed over $2 billion in transactions.
The company is backed by investors including QED Investors, Norrsken22, Ventures Platform, P1 Ventures and Seedstars.