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Users Given Opportunity to Gain 10.8% Interest Through USDC Lending Program Offered by Coinbase

Coinbase introduces a USDC lending option on its platform Morpho via Base, allowing chosen users to earn returns of up to 10.8% by leveraging optimized Decentralized Finance pools.

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Users of Coinbase may secure a return of 10.8% through the platform's new USDC Lending Program
Users of Coinbase may secure a return of 10.8% through the platform's new USDC Lending Program

Users Given Opportunity to Gain 10.8% Interest Through USDC Lending Program Offered by Coinbase

In a recent development, Coinbase has launched a new onchain lending product, integrating with the decentralized lending protocol Morpho and Steakhouse Financial on the layer 2 platform Base.

This innovative product leverages Morpho as the backend DeFi engine and Steakhouse Financial to manage onchain vaults, creating a smart contract wallet system for users on Base. The product allows users to lend their USDC stablecoin holdings and earn yields, with the potential for up to 10.8% annually.

However, it's important to note that the product's availability is limited to a specific set of countries. At present, it is not available in New York, USA. The limited availability includes users in the U.S. (outside New York), South Korea, and the UAE.

The new lending product operates within the Coinbase app using smart contract wallets. The routing of user USDC deposits is done via these wallets within the Coinbase app, which are then distributed across optimized DeFi lending pools.

This new offering is a significant step for Coinbase, providing a way for users to earn interest on their USDC holdings. However, it's essential to remember that the yields on the new product are subject to change.

The integration is facilitated by Steakhouse Financial, and the product is part of an integration with the decentralized lending protocol Morpho. The new Coinbase lending product is available on Coinbase's layer 2 network Base.

While the product is a promising development for Coinbase users, it's important to note that the new Coinbase lending product is not yet available in all countries. Users are advised to check the Coinbase platform for updates regarding the product's availability in their respective regions.

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