Coinbase is launching its Morpho-powered DeFi Earn product for USDC stablecoin holders in Brazil, allowing users to earn market-driven rewards with no lock-up period. The expansion aims to deepen USDC utility for Brazilian customers.
This expansion provides Brazilian crypto users with a new avenue to earn yield on their stablecoin holdings, increasing the utility of USDC within the region and reflecting broader trends in onchain lending and payment integration.
Crypto exchange Coinbase has expanded its Morpho-powered DeFi Earn product to eligible customers in Brazil, allowing them to earn rewards on their USDC stablecoin holdings. The integration, announced on September 9, enables users to access lending features through the Coinbase app, where their USDC deposits are moved to the Morpho protocol for on-chain matching of lenders and borrowers.
Users can earn market-driven rewards, which fluctuate based on onchain supply and demand, with no lock-up period required for withdrawals. Rewards are accrued in an audited vault managed by Steakhouse Financial. Coinbase One subscribers may be eligible for boosted rates.
Coinbase stated the expansion aims to deepen the utility of USDC for Brazilian customers and align with its 'Everything Exchange' vision. The company's existing DeFi Earn product in the US has seen significant adoption, reaching nearly $500 million in total supply and offering up to 7.4% APY.
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