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2h ago

Coinbase Launches Onchain USDC Lending With Morpho, Offering Up to 10.8% APY

Deposits flow into Steakhouse‑curated vaults on Base, with access starting in select regions.

Coinbase adds usdc lending with morpho and steakhouse financial
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Coinbase expands defi access with 10.8% yield usdc lending across multiple countries

Overview

  • Coinbase integrated the Morpho lending protocol via smart‑contract wallets, with Steakhouse Financial curating vaults that allocate USDC across onchain markets.
  • Interest begins accruing immediately upon deposit, and withdrawals are allowed whenever pool liquidity permits with no formal lockups.
  • Initial availability includes the U.S. (excluding New York), Bermuda, Hong Kong, the UAE, New Zealand, the Philippines, Taiwan, and South Korea, with a wider rollout planned.
  • The offering targets yields well above Coinbase’s USDC Rewards of about 4–4.5% APY by routing funds into permissionless DeFi markets.
  • Deposited USDC is lent to borrowers, including users of Coinbase’s bitcoin‑secured loans, creating a reinforcing ecosystem as policymakers question yield‑bearing stablecoin arrangements.