Stablecoin rewards rates

Eligible assets

USDG
PYUSD
USDtb
USDe

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The following terms are incorporated by reference into the Anchorage Digital Neo – Program Terms & Conditions (“Terms”). Anchorage Digital Neo, Ltd. (“Program Administrator”) reserves the right to update these terms at any time upon notice.
This communication may be superseded by any future communications pertaining to the terms applicable to the eligible digital asset contained herein. Terms not defined in this documentation shall have the same meaning as defined in the Terms.

General program methodology

This section outlines the standard calculations for rewards. Note that specific assets (like USDtb and USDe) may follow a different rate-setting model as described in their sections.

Reference rate (EFFR-based assets)

Reference rate: Effective Federal Funds Rate (EFFR) as published daily on the Federal Reserve Bank of New York’s website.

Source: https://www.newyorkfed.org/markets/reference-rates/effr

Example rate: The examples below use an EFFR of 3.64% (rate as of mid-December 2025).

Rewards model (EFFR-based assets)

Rewards are tiered by the total eligible digital asset balance (USD value). Each tier’s Annual Rewards Rate (ARR) is expressed as EFFR minus a spread.

Balance and reward calculation

Balance calculation: Eligible digital asset balances are calculated in U.S. Dollars by applying closing prices, as provided by CryptoCompare.com at the close of each day (UTC), or if unavailable, other reliable, reputable third-party pricing sources, selected at Program Administrator’s sole discretion.

Reward calculation: Rewards are calculated daily based on the following formula:

Eligible digital asset balance * (annual rewards rate / 365)

Example: For a given day, a participant with less than $1M in PYUSD will accrue rewards of (EFFR - 1.33%) / 365 for that day.

Asset-specific rates and tiers

Eligible digital asset: USDG

Minimum eligible digital asset balance: $0
Reference rate:: Effective Federal Funds Rate (EFFR) as published by the Federal Reserve Bank of New York
- Current EFFR used for examples: 3.64%

Rewards tiers and Annual Rewards Rates

Rewards are tiered by the total eligible digital asset balance (USD value). Each tier’s Annual Rewards Rate (ARR) is expressed as EFFR minus a spread.

Effective Date: January 14th

Eligible digital asset balance tier held with custody/wallet service provider)	Annual Rewards Rate	Annual Rewards Rate at EFFR
Less than $1M	EFFR − 1.83%	1.81%
≥ $1M and ≤ $2M	EFFR − 1.63%	2.01%
≥ $2M and ≤ $5M	EFFR − 1.43%	2.21%
≥ $5M and ≤ $10M	EFFR − 1.33%	2.31%
≥ $10M	EFFR − 1.23%	2.41%.

Eligible digital asset: PYUSD

Minimum eligible digital asset balance: $0
Reference rate: Effective Federal Funds Rate (EFFR) as published by the Federal Reserve Bank of New York
- Current EFFR used for examples: 3.87%

Rewards tiers and Annual Rewards Rates

Rewards are tiered by the total eligible digital asset balance (USD value). Each tier’s Annual Rewards Rate (ARR) is expressed as EFFR minus a spread.

Eligible digital asset balance tier (held with custody/wallet service provider)	Annual Rewards Rate	Annual Rewards Rate at EFFR
Less than $1M	EFFR − 1.33%	2.31%
≥ $1M and ≤ $2M	EFFR − 0.83%	2.81%
≥ $2M and ≤ $5M	EFFR − 0.63%	3.01%
≥ $5M and ≤ $10M	EFFR − 0.43%	3.21%
≥ $10M	EFFR − 0.33%	3.31%

Footnotes (USDG, PYUSD)

“EFFR” means the Effective Federal Funds Rate as published daily on the Federal Reserve Bank of New York’s website (available at https://www.newyorkfed.org/markets/reference-rates/effr).
Eligible digital asset balances are calculated in U.S. Dollars by applying closing prices, as provided by CryptoCompare.com at the close of each day (UTC), or if unavailable, other reliable, reputable third party pricing sources, selected at Program Administrator’s sole discretion. If such source(s)’ closing prices for certain eligible digital assets are unavailable, or Program Administrator reasonably determines that such prices are unreliable due to low or inconsistent trading volumes, Program Administrator may use fixed pricing for such eligible digital assets, which will be determined in Program Administrator’s reasonable sole discretion.
Rewards are calculated based on the amount of eligible digital asset balances (held with custody or wallet service provider), based on the following formula: eligible digital asset balance (held with custody or wallet service provider) Annual Rewards Rate 1/365. For example, for a given day, participants will accrue rewards of (EFFR - 1.33%)*1/365 if eligible digital asset balance on the platform is less than $1M (i.e., within the “less than $1M” tier)

Eligible digital assets: USDtb, USDe

Minimum eligible digital asset balance: $0
Annual Rewards Rate: 0-20%

Historical rates for the period	USDtb Annual Rewards Rate	USDe Annual Rewards Rate
May 2026	[Rate TBA]	[Rate TBA]
April 2026	3.23%	2.88%
March 2026	3.18%	2.80%
February 2026	3.27%	2.88%
January 2026	3.33%	3.78%
December 2025	3.45%	3.52%
November 2025	3.65%	3.20%

Footnotes (USDtb, USDe)

Eligible digital asset balances are calculated in U.S. Dollars by applying closing prices, as provided by CryptoCompare.com at the close of each day (UTC), or if unavailable, other reliable, reputable third party pricing sources, selected at Program Administrator’s sole discretion. If such source(s)’ closing prices for certain eligible digital assets are unavailable, or Program Administrator reasonably determines that such prices are unreliable due to low or inconsistent trading volumes, Program Administrator may use fixed pricing for such eligible digital assets, which will be determined in Program Administrator’s reasonable sole discretion.
Rewards are calculated based on the amount of eligible digital asset balances (held with custody or wallet service provider), based on the following formula: eligible digital asset balance (held with custody or wallet service provider) Annual Rewards Rate 1/365. No specific rate or range of rates is guaranteed and rates are subject to change at any time without notice.
Rates are updated on the 10th of the following month. For example, November's rates will be updated by December 10.