Coinbase Product Manager: Coinbase's on chain lending total exceeds $400 million

Coinbase product leader Max Branzburg cited Dune data stating that as of now, Coinbase users have lent out over $400 million in USDC through on chain mechanisms, with an annualized interest rate of approximately 5%. The lending function has rapidly grown within a few months of its launch. Max mentioned that users are using this feature to secure loans with BTC as collateral, in order to raise funds without reducing their holdings.