Earn competitive yields by lending your USDC

Update: As of October 2, 2025, all eligible customers can now lend their USDC and earn competitive yields through the onchain ecosystem, powered by Morpho. 

Earning more on your USDC is now easier than ever – starting today, Coinbase users will be able to access competitive yields, currently up to 10.8% (as of September 18, 2025), through a fully onchain integration with Morpho. With just a few taps you will be able to lend out your USDC through the DeFi ecosystem, right from your Coinbase app. 

How does lending onchain work?

You can earn even more on your USDC all while keeping the familiar, easy-to-use Coinbase experience. Like with crypto-backed loans, we are providing an integration with onchain lending protocol Morpho to connect lenders and borrowers on a permissionless basis, all on Base. Once you deposit your USDC, a smart contract wallet will be created by Coinbase to connect to the Morpho protocol via onchain vaults curated by Steakhouse Financial, where the funds will be allocated across different lending markets to optimize returns – and you instantly start earning yield. Your funds are always accessible and can be withdrawn at any time when liquidity permits.

While the underlying technology is bleeding-edge, Coinbase is providing an accessible experience that’s simple, secure, and user-friendly.

More earning potential with USDC

USDC provides a reliable way to hold digital money as a widely accepted, and highly liquid digital asset redeemable 1:1 with the US dollar. Stability is not the only perk, though. Coinbase gives you the chance to earn passive rewards (4.1% APY, and up to 4.5% for Coinbase One members) – while you hold USDC in your account. 

For those looking to do more with their USDC, we’re building new ways for you to maximize your earning potential.  Lending out your USDC with Morpho gives you the opportunity to supercharge your earnings while barely lifting a finger. With a circulating supply of over $73.6B, USDC provides simple, reliable, and smart ways to make your money do more while staying connected to the world of crypto.

Become a part of the onchain ecosystem

We are rolling out lending to Coinbase users over the coming weeks in the U.S. (excluding NY State) and additional countries. This is your opportunity to be at the forefront of decentralized finance. Supercharge your earnings and become a part of the onchain economy while earning higher rewards and having complete flexibility on the most trusted platform in crypto.

Disclosures

Coinbase USDC Rewards is a customer loyalty program offered at Coinbase’s discretion. USDC reward-bearing products are not savings accounts. USDC Rewards are not deposits and are not insured by the FDIC or SIPC.