Trezor’s Morpho integration unlocks stablecoin yield

Trezor has launched a Morpho integration that lets users earn yield on USDC and USDT inside Trezor Suite.

Hardware wallet maker Trezor has launched a native stablecoin yield feature inside Trezor Suite. The product runs through a Morpho integration that lets users earn on USDC and USDT without leaving the app.

The move signals how custody providers are folding DeFi into their core products. The Steakhouse Prime USDC vault on Morpho, one of two vaults Trezor selected at launch, allocates deposits against blue-chip crypto and real-world asset collateral, with yield generated from borrowing demand.

How the Morpho integration works

Trezor picked two vaults curated by Steakhouse Financial: USDC Prime and USDT Prime. Both sit in Steakhouse’s institutional-grade lending range, which the curator says targets a 4.5% to 6.5% APY for USDC and 4.5% to 6% for USDT, with a 15% management fee.

Deposits, withdrawals and reward claims are signed directly on users’ Trezor hardware devices through clear-signing, which displays transaction details in human-readable form on the device screen. That keeps custody local while routing capital onchain.

Trezor said the yield is generated from borrowing demand on Morpho rather than token incentive programs. The wallet provider is widely considered the second-largest hardware wallet maker behind Ledger, which already offers native stablecoin yield through Ledger Live.

Why Morpho keeps winning institutional flows

Morpho has become the default backend for custodians and asset managers adding yield. The protocol powered Coinbase’s Bitcoin-backed loans launched in early 2025 and now sits behind crypto-backed lending for XRP, DOGE, ADA and LTC on the same platform.

Asset managers have followed. Bitwise launched its first onchain vault on Morpho in January, targeting around 6% APY on USDC, and Apollo Global Management agreed to acquire up to 90 million MORPHO tokens over 48 months.

Vitalik Buterin recently criticised many “USDC yield” strategies as overly dependent on centralised issuers, but Trezor’s framing positions its product as on-chain lending with hardware-signed transactions, not a custodial yield account.