Coinbase Brings USDC Earning to Brazilian Customers via Morpho Partnership
Coinbase has expanded its DeFi Earn product to Brazil, allowing customers to earn more on their USDC holdings. The service integrates Morpho, an onchain lending protocol, and Steakhouse Financial's curated vaults to provide rewards with no lock-up periods.
Since launching in the US, DeFi Earn has grown rapidly, reaching nearly $500M USD in total supply with up to 7.4% APY. Eligible customers in Brazil can access the lending feature through the Lending tab in the Coinbase app and allocate their USDC via this channel.
USDC accrues rewards in an audited vault curated by Steakhouse Financial, and users can withdraw at any time. Rates are market-driven and adjust over time based on onchain supply and demand. Coinbase One subscribers receive a boosted rate where available.