With the launch of BlockFi Wallet, credit card rewards will accumulate within a client’s Wallet instead of their Interest Account. The stablecoin boost was sunsetted as new US clients will not have access to an Interest Account and therefore the mechanics of the boost would not work for them. To that end, on November 18, 2021, BlockFi announced that the stablecoin boost benefit will be discontinued for new cardholders beginning December 1, 2021.
Existing cardholders will receive the 2% stablecoin boost for their first year of card ownership for stablecoins that remain in their Interest Account, capped at $200 in crypto. The bonus accrues based on cardholders’ average daily stablecoin Interest Account balance* and will be paid on the first credit card rewards payout date after their one-year card anniversary. The benefit will not be available in subsequent years.
*Calculated as the arithmetic average value of balances for USDC, GUSD, BUSD and PAX at 23:59:59 Coordinated Universal Time (UTC) each day.