Coinbase introduced a new High Yield USDC lending vault, expanding its Morpho-powered earn integration to two vault options curated by Steakhouse Financial on Base. The High Yield vault generates returns by lending USDC against dynamic, price-variable collateral, including assets powered by Ethena, where borrowers typically pay a premium that creates the potential for higher market-determined yields. Coinbase said it is working with Ethena to drive growth for the vault.

The High Yield option joins the existing Core USDC vault, which lends against blue chip collateral such as BTC and ETH. Both run through smart contract wallets that connect to the Morpho protocol, allocating deposits across lending markets to optimize returns, with funds withdrawable at any time when liquidity permits. The integration first launched in September 2025 with yields reaching up to 10.8%, and remains available to Coinbase users in the U.S., excluding New York State, and select additional countries.

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