TL;DR
- Expansion: Coinbase is rolling out Morpho‑powered USDC earning to customers in Brazil and Canada, widening access to its DeFi Earn product.
- Onchain Flow: Users allocate USDC in the Coinbase app, which routes deposits to Morpho and into Steakhouse‑curated vaults where rewards accrue with no lock‑up.
- Market‑Driven Yield: Rates adjust based on onchain supply and demand, withdrawals are available anytime, and Coinbase One subscribers receive boosted returns as part of the company’s effort to help users grow.
Coinbase is expanding its onchain earning experience to Brazil and Canada, giving more customers a way to put their USDC to work without locking up funds or navigating complex DeFi steps. The move builds on momentum from the United States, where DeFi Earn has quickly grown into a popular option for users seeking flexible, onchain yield directly through the Coinbase app.
A Growing Onchain Channel for USDC
Since its launch in the US, DeFi Earn has reached nearly $500M in total supply, with rates that have climbed as high as 7.4% APY. The product routes funds from customers’ self‑custodial wallets into Morpho, an onchain lending protocol built on Base. From there, deposits flow into vaults curated by Steakhouse Financial, where USDC begins accruing rewards until withdrawn.
The exchange emphasizes that users maintain full flexibility: there are no lock‑up periods, and withdrawals can be made at any time. The expansion into Brazil and Canada marks the next step in making this earning path available to more markets. Eligible customers can already find the feature in the Lending tab of the Coinbase app, with access widening over the coming days.
How the Onchain Flow Works
The process is designed to feel familiar to anyone using Coinbase. Users allocate USDC through the Lending tab, and Coinbase handles the routing to Morpho, which matches lenders and borrowers onchain. Once deposited, USDC earns rewards inside an audited vault managed by Steakhouse Financial.
Rates shift over time based on onchain supply and demand, giving customers a market‑driven yield experience without requiring them to manage multiple DeFi tools. Coinbase One subscribers also receive a boosted rate where available, adding another incentive for users who want higher returns on their USDC.
Part of a Broader Earning Strategy
Coinbase says the rollout reflects its broader effort to help customers make their assets work harder. Alongside staking and USDC Rewards, DeFi Earn is positioned as another pathway for users to build wealth and stay connected to what the company calls the Everything Exchange. By bringing Morpho‑powered earning to Brazil and Canada, Coinbase continues expanding access to onchain yield in a way that keeps the experience simple, flexible, and integrated directly into its platform.
