Coinbase has launched a new onchain lending product that allows users to lend their USDC stablecoin holdings and earn yields up to 10.8% annually.

The new product is part of an integration with decentralized lending protocol Morpho and facilitated by Steakhouse Financial on Coinbase’s layer 2 network Base.

This story is an excerpt from the Unchained Daily newsletter.

Essentially, the feature routes user USDC deposits across optimized DeFi lending pools via smart contract wallets directly within the Coinbase app. 

However, it is currently only available to a limited set of users in the U.S. (outside New York) and a handful of other countries, including South Korea and the UAE.