Coinbase launches USDC on-chain lending product, with yields up to 10.8%

Cryptocurrency exchange Coinbase Global announced on Thursday that it is launching an on-chain lending product, allowing users to earn up to 10.8% by depositing USDC stablecoins. The cryptocurrency exchange stated in a blog post that the new feature will be gradually rolled out to users in the United States (excluding New York), Bermuda, and other countries over the coming weeks. When users deposit USDC, Coinbase will create a smart contract wallet connected to the Morpho protocol via an on-chain vault managed by Steakhouse Financial, with funds allocated to multiple lending markets. Users can access their funds at any time and withdraw whenever liquidity allows. The company stated that Coinbase currently offers users a passive yield of 4.1% annualized on USDC, while Coinbase One members can enjoy an annualized rate of 4.5%. USDC is a dollar-backed stablecoin issued by Circle Internet Group