TechFlow news, September 19 — According to Coinbase's disclosure, the platform has officially launched its on-chain lending feature, allowing users to lend USDC via the decentralized finance protocol Morpho and earn competitive returns. The feature currently offers up to 10.8% annual percentage yield (APY) as of September 18.
The feature operates entirely on the Base network, powered by Morpho and Steakhouse Financial. After users deposit USDC, Coinbase creates a smart contract wallet connected to the Morpho protocol. Funds are allocated through on-chain vaults curated by Steakhouse Financial across various lending markets to optimize returns. Users can withdraw their funds at any time, with instant settlement when liquidity permits.
Coinbase stated that the feature will be gradually rolled out over the coming weeks to users in the United States (excluding New York State), Bermuda, and other countries.
