Coinbase is expanding its DeFi Earn product to Brazil, enabling customers to generate yield on their USDC holdings through integration with Morpho, an onchain lending protocol. The rollout, which began progressively on Friday, allows Brazilian users to deposit stablecoins with no lock-up periods and withdraw funds at any time while accruing rewards.
- APY Range: Up to 7.4%
- Current Supply: Nearly $500 million USD across US operations
- Underlying Protocol: Morpho on Base, with vaults curated by Steakhouse Financial
- Withdrawal Policy: No lock-up required; withdraw anytime
The mechanism is straightforward: customers allocate USDC through the Lending tab in the Coinbase app, which routes deposits to Morpho’s onchain lending protocol. The platform then matches lenders with borrowers and deposits funds into audited vaults managed by Steakhouse Financial. Rates adjust dynamically based on onchain supply and demand conditions, with Coinbase One subscribers receiving boosted rates where available.
Since its US launch, DeFi Earn has become one of Coinbase’s fastest-growing products, accumulating nearly $500 million in total supply. The expansion to Brazil reflects the company’s broader strategy to deepen USDC utility in international markets and provide customers with multiple pathways to generate returns alongside staking and USDC Rewards offerings.
Coinbase operates as a major cryptocurrency exchange and digital assets platform serving millions of users globally.
