Coinbase and Morpho bring USDC earning to Brazil and Canada
TL;DR Coinbase is rolling out a new way for customers in Brazil and Canada to earn more on the USDC they already hold by integrating Morpho. Users can deposit their USDC and put it to work onchain, where it accrues rewards until withdrawn with no lock-up required.
Since launching in the US, our DeFi Earn product has become one of the fastest growing ways customers put USDC to work, to date-reaching nearly $500M USD in total supply, with up to 7.4% APY.
How it works
Funds are routed from customers’ self-custodial wallets to Morpho, an onchain lending protocol on Base, and then into vaults curated by Steakhouse Financial, where they accrue rewards until withdrawn. There are no lock-up periods and customers can withdraw at any time.
DeFi Earn is progressively rolling out now to eligible customers in Brazil and Canada, with availability expanding over the coming days. Eligible users can access lending through the Lending tab in the Coinbase app:
Allocate USDC via the Lending tab.
Coinbase routes the deposit to the Morpho protocol, which matches lenders and borrowers onchain.
USDC accrues rewards in an audited vault curated by Steakhouse Financial.
Withdraw at any time.
Rates are market-driven and adjust over time based on onchain supply and demand. Coinbase One subscribers receive a boosted rate where available.
Deepening USDC Utility for Brazilian and Canadian Users
The expansion reflects our efforts to make users’ assets work harder for them, alongside staking and USDC Rewards as pathways for users to build their wealth and become more connected to the Everything Exchange.
- About Eric RichmondCountry Director and CEO of Coinbase Canada
Eric Richmond is the Country Director and CEO of Coinbase Canada, where he leads efforts to drive digital asset adoption and help shape Canada's crypto and stablecoin regulatory frameworks. He has spent nearly a decade as a defining voice in building Canada's digital asset industry, work he now continues at Coinbase with a focus on bringing more of the financial system onchain and making crypto more accessible to Canadians.
Eric previously served as General Counsel & Head of Business Development at Shakepay, a leading Canadian fintech. He is also a co-founder of Tetra Trust Company, Canada's first regulated digital asset custodian, and previously served as President of Coinsquare, where he helped steer the platform toward becoming Canada's first CIRO-regulated broker-dealer. Across these roles, Eric has built a command of the technology behind digital assets and the regulatory frameworks shaping their future.
Earlier in his career, Eric was a lawyer at Blake, Cassels & Graydon LLP, where he advised clients on corporate and capital markets transactions, corporate governance, and securities regulatory matters.
