Coinbase expands Morpho-powered USDC lending to Brazil

Coinbase has expanded its Morpho-powered lending product to eligible Brazilian customers, offering market-based returns on USDC without a fixed lock-up period. Summary Brazilian users can allocate USDC to Morpho through the Lending tab in the Coinbase app. Deposits enter an audited vault curated by Steakhouse Financial, with rates set by lending demand. Coinbase said users can withdraw their USDC and accrued rewards at any time. The product has attracted nearly $500 million in deposits since its initial US launch. Coinbase brings USDC lending to Brazilian users Coinbase said in a Sep. 9 announcement that its DeFi Earn product would become available to eligible customers in Brazil over the coming days. Users can access the service through the Lending tab in the Coinbase app, where they choose how much USDC to allocate. Coinbase then transfers the stablecoins onchain to Morpho, a decentralized lending protocol that connects lenders with borrowers. Deposited USDC enters a vault curated by Steakhouse Financial. According to Coinbase, the vault has undergone an audit, while Steakhouse manages how funds are allocated among available lending markets. Borrowers supply crypto assets as coll...