How to earn Tether (USDT) in Australia

You can earn yield on your Tether (USDT) through lending, staking and yield farming.

Lending your USDT

The easiest way to earn yield on your USDT in Australia is through an exchange or lending service such as Nexo Cryptocurrency Lending, Binance Cryptocurrency Exchange and Celsius .

You can earn up to 12% on USDT with Nexo Cryptocurrency Lending or compare a range of other rates and providers by using our comparison table and rewards calculator.

Compare rates for lending USDT

How to earn Tether: Step-by-step guide to lending

The instructions below are for earning yield on Tether using a cryptocurrency exchange for lending:

1. Use the table to compare rates from various providers.
2. Choose a provider to deposit your cryptocurrency with, then safely navigate to their website using the "Earn now" button in the table.
3. Sign-up for an account using an email address and make sure to have some form of photo ID ready to complete the verification process.
4. Look for the "wallet" or "deposit" tab on the provider's website, then transfer your funds from your existing exchange or wallet to the deposit address shown and make sure to double-check the address is correct before sending. If you do not own any USDT yet, then you can purchase it on the same exchange you plan to earn it on or view our list of local exchanges that sell it.
5. Once deposited, move your funds into the yield-earning account. If you are using a specialised digital asset lending platform like Celsius, Nexo or BlockFi you can usually skip this step, as your assets will typically start earning yield right away. Remember to check back regularly to monitor your portfolio, collect rewards and ensure everything is working as intended.
6. Most services will let you access your rewards without needing to withdraw your initial deposit. Keep in mind that some services require your deposit to remain locked for a certain period of time, while others are flexible and allow you to withdraw anytime (although be on the lookout for early withdrawal fees).
7. Remember that while earning yield on cryptocurrencies can be easy and attractive, your deposits are not insured the same way cash deposits are with a bank. Deposits are used in a variety of ways, all of which carry varying levels of risk. Some services offer insurance policies, while some might not offer any insurance at all. Make sure to research the provider thoroughly before making a decision.

Risks of lending Tether

• Lack of regulation. Just because you're earning yield on your USDT like you would with a bank account, that doesn't mean you have the same protections. Cryptocurrency exchanges and lenders are largely unregulated and consumer protection laws in your country are unlikely to apply. As such, if something happens to your deposits you are unlikely to have many options for legal recourse. Fortunately, some lenders such as Nexo offer insurance on deposits to help bridge this gap.
• Lack of insurance. While earning yield on cryptocurrencies can be easy and attractive, your deposits are not insured the same way cash deposits are with a bank. Deposits are used in a variety of ways, all of which carry varying levels of risk. Some services offer insurance policies, while some might not offer any insurance at all. Make sure to research the provider thoroughly before making a decision.
• DeFi and smart contract risk. This guide only compares CeFi platforms, but if you choose to use a DeFi platform for lending USDT, then you are taking on the additional risk associated with that platform. DeFi lending uses software called smart contracts which automates the process and pairs lenders with borrowers. These smart contracts can be exploited and user funds stolen. Look for a protocol with a long history of security, such as Compound or Aave.
• Scams. Be wary of platforms that offer rates several times higher than the competition. While legitimate services may do this as a promotion or way to attract users, some may be scams waiting to steal user funds.