Coinbase, the largest cryptocurrency exchange in the United States, has begun integration with MORPHO, a decentralized loan protocol.
According to the announcement, the yield will be up to 10.8% from September 18, 2025. It is presented as an incentive for Coinbase app users to provide USDC.
The exchange maintains direct yield without modification. USDC deposits cost 4.1% per year, while Coinbase One members cost up to 4.5%. The difference is that when you link with a morpho, you will have the option to join the loan On-chain Provides higher returns from the same Coinbase application.
The operation works as follows: After the deposit, an intelligent contract wallet is created that connects to Morpho through Vaults managed by Steakhouse Financial. Funds are distributed to the loan market to optimize interest According to Coinbase, capital covered by available liquidity can be withdrawn at any time.
According to Defillama, Morpho blocked a total of over $8.3 billion and was included in Cryptonotic as the best cryptocurrency lending platform in 2025.
Coinbase has confirmed that it will be available to US users in the coming weeks (not specifying which countries or other countries) except for New York and other countries.