AQRU PLC (AQSE:AQRU) said its subsidiary, Acrru Finance, has launched a liquidity pool allowing investors to generate returns from tax credit receivables from US Internal Revenue Service (IRS) programmes.
Through Accru Finance’s offering, digital asset holders can invest their USDC, a stablecoin pegged to the US dollar, into a lending pool available on Maple Finance, an institutional lending platform in the Decentralised Finance (Defi) space.
The lending pool capital will be used to invest in a portfolio of IRS tax credit receivables, creating returns of up to 10% annually on the USDC deposited, said AQRU, an incubator specialising in opportunities in Defi.
Initially, Accrus’s portfolio will be focused on the tax credit receivables the IRS is expected to settle within the short term. The pool’s counterparty risk has been reduced as the lending pool is secured by the underlying receivables, a statement said.
“Through the launch of our tax credit receivables programme, we 're taking another key step in our efforts to enable customers to deploy their cryptocurrency holdings to generate significant real-world returns,” said chief executive of AQRU, Philip Blows.
The portfolio was created by Accru alongside Intero Trading, a non-bank digital funding mechanism, whose founding team has executed US$2bn in receivable transactions.
Intero, according to a statement, sources the IRS tax credit receivables through its network of IRS tax credit originators.