Coinbase Launches USDC Lending Powered by Morpho Protocol

Coinbase has launched a USDC lending product, allowing users to earn yield directly through its app.
The feature is powered by Morpho, routing deposits through "vaults" managed by Steakhouse Financial.
Deposited USDC funds are lent out, generating returns for depositors. Withdrawals can be made anytime without lockups.
This creates a reinforcing cycle between Coinbase's lending and borrowing products, forming a comprehensive onchain ecosystem.
The backend operates via Morpho’s smart contracts, while the user interface remains on Coinbase, following the "DeFi mullet" model.
This integration offers users an easier entry into decentralized lending markets within Coinbase's platform.
Morpho emphasizes that finance's future lies in open networks accessed through trusted interfaces.