Crypto exchange Coinbase (Nasdaq: COIN) announced on Sept. 18 that customers can now lend USD Coin (USDC) directly through its platform and earn yields as high as 10.8%. The initiative is supported by decentralized finance protocol Morpho and vault curator Steakhouse Financial and is being gradually introduced across the United States, excluding New York, along with Bermuda and additional countries.

Chief executive Brian Armstrong highlighted the launch on social media platform X:

Now you can lend your USDC and earn more (up to 10.8% currently). It’s simple to use, and gives users the benefits of DeFi without the complexity. Rolling out now in multiple countries, including the US (ex. NY).

The program uses Coinbase’s layer-2 network Base to link lenders and borrowers via smart contract wallets. When users deposit USDC, a contract wallet is automatically created to route funds into Morpho’s protocol. Steakhouse Financial manages allocations across various markets to maximize returns.

Coinbase detailed: “Earning more on your USDC is now easier than ever – starting today, Coinbase users will be able to access competitive yields, currently up to 10.8% (as of September 18, 2025), through a fully onchain integration with Morpho. With just a few taps you will be able to lend out your USDC through the DeFi ecosystem, right from your Coinbase app.”

USDC, which maintains a one-to-one peg with the U.S. dollar, has a circulating supply above $73.6 billion and is valued for its stability and liquidity. Coinbase already offers yields of 4.1% APY on USDC holdings, with Coinbase One subscribers eligible for up to 4.5%. The addition of onchain lending significantly expands opportunities for higher returns. However, Coinbase clarified that USDC rewards are not savings accounts and do not carry protections from the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.

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