Coinbase launches onchain USDC lending with yields up to 10.8%
Coinbase has introduced a new feature that allows users to issue USDC loans onchain with a current yield of up to 10.8%.
The service runs on Morpho, a decentralized lending protocol whose fund distribution is managed through onchain vaults curated by Steakhouse Financial on Base, Coinbase’s Ethereum Layer 2 network.
According to The Block, citing Coinbase, when users deposit USDC, the exchange creates a smart contract wallet that allocates funds across different lending pools to optimize yield. Users begin earning immediately and can withdraw at any time, provided liquidity is available.
Coinbase emphasized that while the feature is built on DeFi protocols, it is designed to be familiar and accessible for mainstream users directly through the Coinbase app.
Higher yields than "USDC Rewards"
Previously, Coinbase offered its “USDC Rewards” program, paying 4.1% annually (4.5% for Coinbase One subscribers). Now, by providing onchain USDC loans, users can access significantly higher returns.
“The USDC Rewards program does not involve lending customer assets — it is a loyalty program offered at Coinbase’s discretion, with payouts funded directly from Coinbase’s marketing budget,” a company representative explained.
The onchain USDC lending feature is already available to some users and will expand in the coming weeks across the U.S. (excluding New York), Bermuda, and other regions. Coinbase confirmed additional markets include Hong Kong, the United Arab Emirates, New Zealand, the Philippines, Taiwan, and South Korea.
As we wrote, Coinbase offers strategy to track new crypto listings
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