Coinbase Adds USDC Lending With Morpho and Steakhouse Financial

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By Ian Allison , AI Boost | Edited by Nikhilesh De Sep 18, 2025, 5:49 p.m. Coinbase adds bitcoin-backed borrowing (Shutterstock) What to know : Coinbase launched USDC lending powered by DeFi protocol Morpho Users earn interest from borrowers, including Coinbase’s crypto-backed loan customers The move builds Coinbase’s first full onchain lending and borrowing ecosystem U.S.-listed cryptocurrency exchange Coinbase (COIN) has rolled out a USDC lending product that allows its customers to earn yield directly from the exchange’s app, deepening its integration with decentralized finance (DeFi) . The feature is powered by Morpho, a protocol that routes deposits through curated “vaults” managed by Steakhouse Financial, according to a blogpost on Thursday STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . When users deposit USDC, their funds are lent out to borrowers — including those already tapping Coinbase’s crypto-backed loans secured by bitcoin. The interest borrowers pay generates returns for depositors, who can withdraw anytime without lockups. Coinbase said the setup creates a flywheel effect where its lending and borrowing products reinforce each other. The launch follows more than $900 million in loans originated through Coinbase’s crypto-backed loan service. Together, the two offerings form what the company calls its first complete onchain lending and borrowing ecosystem. By outsourcing the backend to Morpho’s smart contracts while keeping the Coinbase interface, the company is betting on what it calls the “DeFi mullet” approach: a familiar fintech user experience at the front, powered by open, decentralized infrastructure in the back. For users, the product offers an easier way into decentralized lending markets without leaving Coinbase’s platform. For Morpho, it underscores the argument that the future of finance will be built on open networks, but accessed through trusted gateways. AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Tristan Thompson Taps Somnia to Bring Basketball Fandom On-Chain By Oliver Knight | Edited by Nikhilesh De 1 hour ago The NBA champion is launching an on-chain experience this October that tokenizes player value in real time. 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