Dollar

NOT RECOMMENDING AnchorUSD 😢

By ty5 | Money Matters | 23 Aug 2020


OMG the financial world is changing so fast I can't keep up! #DeFi #CeFi #crypto, yield farming . . .what the ∆#@! are you talking about?

Banks better evolve quick or get left in the dust. Introducing AnchorUSD it's like a hybrid between a crypto exchange and a savings account. The app links to your bank account and pays more interest than a bank account. It pays 7.83% apr on your USD deposits and various rates on crypto deposits. I am not affiliated in any way so my understanding is limited DYOR. Your USD deposits are converted to AnchorUSD on the Stellar Network.

AnchorUSD partnered with the Stellar network to provide a best-in-class implementation specification for fiat-backed stablecoins. By using the AnchorUSD API, we created USDX for Stellar, a stablecoin pegged to the US dollar. 

I was super impressed with the initial sign up and the account linking happened at the same time. Smooth! Since then, I have collected interest, bought $USDC and $XLM. I have also transferred crypto to other wallets. The interface is simple. You won't have to worry about bid/ask spreads.

Edited 5/2/2021: AnchorUSD I can no longer recomend. I have a transaction confirmed on the ETH blockchain with my $USDT address as the receiver. This address is at AnchorUSD, but my wallet is empty. I have contacted them numerous times. They were UNRESPONSIVE! I trusted this company with my money they have let me down. I am very sorry for writing a positive post about them. I will update this post if the situation is resolved.

Update: 5/5/21 received the USDT 7 days from date sent😢!

For more juicy details see this other post.

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ty5
ty5

Curious vegan with hopes for a brighter future


Money Matters
Money Matters

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