The latest stablecoin project on Binance Smart Chain is offering yields of around 40 per cent — daily.

Stablequant Finance launched yesterday and has attracted US$10 million in total value locked at lunchtime on Tuesday.

Yields on its farming pools were between 15,000 and 27,000 per cent per annum, or 40 to 70 per cent each day.

The project aims to be a “simple, stripped-down swap designed to be the go-to DEX for stablecoins”.

But needless to say, investors who ape in are risking a devastating “rugpull” from unscrupulous team leaders in which they lose all their money.

Stable Magnet, a project with similar aims, collapsed in a US$27 million rugpull last month. The developers even used a permissions exploit to drain funds from customer wallets that weren’t even committed to the platform.

Binance Smart Chain projects have also been the subject of a well-coordinated attacks by hackers in recent months.

Crypto market drops

Meanwhile, the overall crypto market is down 3.2 per cent today to US$1.37 trillion after rumours that Apple would announce a US$2.5 billion Bitcoin purchase today failed to materialise.

The rumours appeared to have started on social media. A similar rumour that involving Facebook buying the original cryptocurrency circulated in April also didn’t pan out. But of course Telsa did announce a US$1.5 billion purchase back in February, leading to BTC prices jumping 20 per cent.

At lunchtime (Sydney time), Bitcoin was trading at $US33,200, down 2.9 per cent, and Ethereum was changing hands at 4.8 per cent to US$2,037, down 4.9 per cent.

OKB Coin was the biggest winner, up 9.0 per cent, while Stacks was the biggest loser, falling 11.5 per cent. Synthetix was close behind, down 11.3 per cent after a strong recent run.

Crypto market