Deribit, recognized as the world’s largest cryptocurrency options exchange, has unveiled an exciting rewards program designed specifically for eligible USDC holders. This initiative aims to enhance the collateral options available to users while simultaneously increasing capital efficiency on the platform.
This rewards program is made possible through a partnership with Coinbase, which acts as the custody solution for USDC. Coinbase rewards users holding USDC, further incentivizing participation in the program. Currently, as of July 2025, the reward rate is set at 4%, although users should keep in mind that Coinbase may adjust these rates regularly.
USDC stands as the second-largest dollar-pegged stablecoin globally, boasting a significant market value of $63.83 billion. Deribit plays a crucial role in the cryptocurrency landscape, responsible for nearly 80% of all global crypto options trading activity.
“Eligibility for receiving USDC yields is contingent upon the user’s geographic location,” noted Deribit in their official announcement. “For institutional clients, key factors include the place of incorporation and the principal place of business.”
In order to benefit from this yield, users must store their USDC directly with Deribit rather than with an external custodian. For those utilizing a hybrid setup, only the USDC held on Deribit will be counted towards the yield. The first rewards are scheduled to be distributed in August 2025, based on the minimum equity held each day between July 15 and July 31.
Deribit Rewards Program for USDC Holders
Key points regarding the new rewards program announced by Deribit:
- New Rewards Program: Deribit introduces a rewards program for eligible USDC holders.
- Enhanced Collateral Options: The program aims to improve users’ collateral choices and boost capital efficiency on the platform.
- Custody Solution: Deribit uses Coinbase as a custody solution for USDC, which facilitates the rewards payments.
- Reward Rate: As of July 2025, the reward rate for holding USDC is set at 4%, subject to regular adjustments by Coinbase.
- Market Position: USDC is the second-largest dollar-pegged stablecoin with a market value of $63.83 billion.
- Crypto Options Activity: Deribit accounts for nearly 80% of global crypto options activity.
- Eligibility Criteria: Eligibility for receiving the USDC yield depends on user location and for institutional users, the place of incorporation.
- Storage Requirements: Users must store USDC directly with Deribit to earn yields, including those held with external custodians.
- Payment Schedule: The first rewards will be distributed in August 2025, based on equity held from July 15 to July 31.
This program could significantly impact users by providing additional earnings on their holdings and optimizing their trading strategies within Deribit’s platform.
Deribit’s New Rewards Program: A Game Changer for USDC Holders
Deribit’s latest initiative to introduce a rewards program for USDC holders aims to revolutionize user engagement and trading efficiency on its platform. By partnering with Coinbase as a custody solution, Deribit not only enhances the collateral options for traders but also incentivizes them to hold USDC with a competitive yield of 4%. This strategic move places Deribit at a significant advantage, especially considering its dominance in the crypto options market, which accounts for nearly 80% of global activity.
In comparison, other crypto exchanges such as Binance and Kraken have yet to offer similar rewards for stablecoin holders. While both platforms provide competitive trading fees and a wide range of cryptocurrency options, they may fall short in attracting USDC-dependent users who are seeking more value beyond just trading. Binance, for instance, has experienced regulatory challenges that may affect its user retention, whereas Deribit’s rewards program could solidify its appeal in the eyes of USDC holders, especially institutional users looking for enhanced capital management strategies.
However, this program does come with notable caveats. The requirement for users to store their USDC directly with Deribit, rather than utilizing external custodians, may deter some traders who prefer to maintain control of their assets. Additionally, since eligibility is location-dependent and requires compliance with specific regulations for institutional users, there exists a potential barrier for broader participation. Consequently, while these unique conditions may incentivize some, they could pose challenges for those hesitant to relinquish custody or those situated in jurisdictions that disqualify them.
The introduction of this rewards program is likely to benefit traders who are already engaged with the USDC ecosystem and are looking to optimize their trading capital. Additionally, this could create opportunities for new users to enter the Deribit platform, attracted by the prospect of earning passive rewards on their holdings. Conversely, it may cause friction with traders who prefer alternative stablecoins or those who are cautious about collaborating with a platform governed by such stipulations.
