Coinbase Brings Morpho-Powered Lending to Brazil

Coinbase has expanded its Morpho-powered lending product to eligible Brazilian customers, offering market-based returns on USDC without a fixed lock-up period.

The company said users can withdraw their USDC and accrued rewards at any time through the Lending tab in the Coinbase app. Deposited USDC enters an audited vault curated by Steakhouse Financial, with rates set by lending demand.

Coinbase's DeFi Earn product has attracted nearly $500 million in deposits since its initial US launch. The company said it is part of its effort to 'make users' assets work harder for them', as Regional Managing Director for the Americas Fabio Plein stated, linking the launch to Coinbase's Everything Exchange strategy.

Coinbase One members may receive an added rate increase where the benefit is available. However, the company did not state the rate Brazilian customers would receive at launch or whether the boost would apply to every eligible Coinbase One account in the country.