Coinbase launches Morpho-powered DeFi Earn in Brazil

Coinbase brings Morpho-powered DeFi Earn to Brazil, enabling users to earn variable rewards on USDC with no lock-up. Funds are managed by Steakhouse Financial, and withdrawals are instant and flexible.

Coinbase has introduced its DeFi Earn product to Brazil, integrating the Morpho onchain lending protocol. This allows Brazilian users to earn variable, market-driven rewards on their USDC stablecoin holdings. Users can allocate USDC through the Lending tab in the Coinbase app, with deposits routed to Morpho, which matches lenders and borrowers directly on-chain. Funds are securely held in audited vaults managed by Steakhouse Financial. There is no lock-up period, so users can withdraw their USDC and any accrued rewards at any time. Interest rates fluctuate based on supply and demand, and Coinbase One subscribers may receive a boosted rate where available. Since launching in the US, DeFi Earn has attracted nearly $500 million in deposits and offered yields up to 7.4% APY. This expansion aims to deepen USDC’s utility in Brazil, potentially increasing USDC transactions and fostering greater engagement with blockchain technology in the region.