Picture: SUPPLIED/OVEXThe annual percentage rate of 8.5% can go as high as 14% in some cases and is dependent on the user’s deposit size.
Ovadia says Ovex had no exposure to UST or LUNA, though it did offer clients the opportunity to purchase LUNA by listing it on the Ovex exchange as a speculative crypto asset. Fiat-collateralised stablecoins are backed by sovereign currency such as the pound or the US dollar. This means that equivalent fiat money is held in reserves as collateral for every digital coin issued to you.
“The first lesson is that not all stablecoins are the same. Ovex never offered clients exposure to UST because it didn’t like what it saw.Clients are offered exposure to other stablecoins that are reliably backed by hard assets, such as Tether, Binance USD, True USD and USD Coinof 8.5% to 14% and even higher in some cases, but these are not algorithmic stablecoins. These are stablecoins that are fully collateralised and audited.
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