Coinbase Global (NASDAQ:COIN) is introducing an onchain lending product that lets users earn yields of up to 10.8% on their USDC (USDC-USD) stablecoin deposits, it said on Thursday.
The new feature will be rolled out to users over the coming weeks in the U.S. (excluding NY State), Bermuda, and additional countries, the crypto exchange said in a blog post.
When a user deposit its USDC (USDC-USD), Coinbase (NASDAQ:COIN) will create a smart contract wallet to connect to the Morpho protocol through onchain vaults managed by Steakhouse Financial, where the funds will be allocated across various lending markets. Funds are always accessible and can be withdrawn at any time when liquidity permits.
Coinbase (NASDAQ:COIN) already offers users passive USDC (USDC-USD) rewards of 4.1% annual percentage rate, or 4.5% for Coinbase One members, it said.
USDC (USDC-USD) is the dollar-backed stablecoin issued by Circle Internet Group (CRCL).
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