Coinbase officially launches on-chain lending feature

ChainCatcher news, according to Coinbase, the platform has officially launched an on-chain lending feature that allows users to lend USDC through the decentralized finance protocol Morpho and earn competitive yields. Currently, this feature offers an annualized yield of up to 10.8%.

This feature operates entirely on the Base network, supported by technology from Morpho and Steakhouse Financial. After users deposit USDC, Coinbase will create a smart contract wallet that connects to the Morpho protocol, and the funds will be allocated to different lending markets through an on-chain fund pool orchestrated by Steakhouse Financial to optimize returns. User funds can be withdrawn at any time, and if liquidity allows, they will be credited instantly. Coinbase stated that this feature will gradually be made available to users in the U.S. (excluding New York), Bermuda, and other countries in the coming weeks.