Coinbase announced the expansion of its DeFi Earn product to Brazil through an integration with Morpho, the onchain lending protocol operating on the Base network.
Through this functionality, Brazilian users can deposit USDC from their self-custody wallets and earn yields of up to 7.4% APY with no lock-up periods, with the option to withdraw funds at any time.
The mechanism works as follows: Coinbase routes deposits to Morpho, which connects lenders and borrowers directly onchain. Funds are held in audited vaults managed by Steakhouse Financial, where they accumulate rewards until the user decides to withdraw them.
Rates are dynamic and adjust according to onchain supply and demand. Coinbase One subscribers can access a boosted rate where available.
Since its launch in the United States, DeFi Earn has accumulated nearly $500 million in total supply, establishing itself as one of the fastest-growing ways for customers to put their USDC to work. The company aims to deepen USDC’s utility in emerging markets, alongside products such as staking and USDC Rewards.
Source: https://www.coinbase.com/es-la/blog/coinbase-usdc-earning-brazil
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