Overview

• The new feature routes USDC deposits through smart-contract wallets on Base into Morpho vaults curated by Steakhouse Financial inside the Coinbase app.
• Access has begun in select markets including the U.S. (excluding New York), Bermuda, Hong Kong, the UAE, New Zealand, the Philippines, Taiwan, and South Korea, with broader rollout planned.
• Coinbase’s Max Branzburg said roughly 6% of returns come from Morpho lending activity with an additional ~5% temporarily boosted by the protocol’s incentives.
• On-chain data showed a Steakhouse vault on Base with about $24 million in USDC, offering roughly 5.87% APY with a 25% performance fee and heavy allocation to cbBTC lending markets.
• Interest starts accruing immediately and withdrawals depend on pool liquidity, and Coinbase frames the product as complementing its crypto-backed loans after originating more than $900 million.