Coinbase has introduced a new USDC lending feature that will allow users to earn up to 10.8% yield. The integration with the Morpho protocol will provide Coinbase users with access to decentralized finance (DeFi) directly through the app. This new feature is available to users in the US, Bermuda, and other jurisdictions, excluding New York.
The new lending feature connects to the Morpho protocol through a smart contract wallet. Steakhouse Financial will manage the on-chain vaults, distributing liquidity across various markets. The goal is to maximize returns while ensuring that users can access their funds when liquidity is available.
USDC, a stablecoin pegged to the U.S. dollar, already offers passive rewards for Coinbase users. The new lending system expands these rewards, allowing users to earn up to 10.8% annual yield. Coinbase aims to increase the earnings potential for USDC holders, which has a total supply of over $73 billion.
In conclusion, this new lending feature allows Coinbase users to earn higher yields on their USDC holdings. Coinbase continues to enhance its offerings, integrating DeFi services with a user-friendly interface and maintaining the platform’s high security standards.
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