Crypto exchange Coinbase has begun integrating the Morpho onchain lending protocol for customers in Brazil, enabling users to earn rewards on their USDC stablecoin holdings without any lock-up period required.
According to an official announcement on September 9, the exchange is expanding its existing Morpho-powered DeFi Earn product to eligible customers in Brazil, with availability rolling out over subsequent days. Users can access the lending features through the Lending tab on the Coinbase app to allocate USDC, which is then moved to the Morpho protocol to match lenders and borrowers on-chain.
Deposited USDC accrues rewards in an audited vault curated by Steakhouse Financial. Because there is no lock-up period, users can withdraw their USDC rewards at any time. Rates are market-driven and fluctuate based on onchain supply and demand, while Coinbase One subscribers can receive a boosted rate where available.
Coinbase's Earn product previously achieved significant adoption in the United States, reaching nearly $500 million in total supply and offering up to 7.4% APY since its launch.
Fabio Plein, regional managing director for the Americas at Coinbase, stated that the expansion aims to make users' assets work harder while deepening USDC utility and connecting Brazilian customers to the company's broader platform vision. This onchain lending path operates separately from Coinbase's standard USDC Rewards program.
