Y Combinator-backed fintech Pebble uses stablecoins to offer 5% yield on cash

https://techcrunch.com/2022/05/23/pebble-crypto-stablecoins-gift-cards-yield-traditional-banks-finance/

6 2 4 years ago

Stablegains YC W22 just imploded, grifting their users out of $42m. They knew this before funding Pebble. Why is YC funding these?! Have they lost all pretense of "making the world a better place?" They either have negligent due diligence or they are only concerned with making $ before the music stops. YC's reputation is taking a beating with no response.

Stablegains thread: https://news.ycombinator.com/item?id=31431224

EDIT: This company has verbatim plagiarized from an existing company: https://twitter.com/andy_bromberg/status/1528817375541350404...

tornato7• 4 years ago

Stablegains was tied 100% to Anchor yields, and Anchor imploded. That said, targeting 5% APR is magnitudes more realistic than 15% APR. Pebble is able to do this through overcollateralized lending of USDC. It’s not risk-free, but it’s a pretty good risk-adjusted trade right now. The rates are higher mostly because traditional banks don’t have the infrastructure to underwrite or custody crypto-backed loans.

Y Combinator-backed fintech Pebble uses stablecoins to offer 5% yield on cash

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