According to Odaily Planet Daily, Coinbase has officially launched an on-chain lending feature, allowing users to lend USDC through the decentralized finance protocol Morpho and earn competitive returns. The feature currently offers an annualized yield of up to 10.8% (as of September 18th).

This feature runs entirely on the Base network, powered by Morpho and Steakhouse Financial. After users deposit USDC, Coinbase creates a smart contract wallet connected to the Morpho protocol. Funds are then allocated to various lending markets through an on-chain treasury curated by Steakhouse Financial to optimize returns. User funds can be withdrawn at any time, with instant credit if liquidity allows.

Coinbase said the feature will be gradually available to users in the United States (excluding New York State), Bermuda, and other countries in the coming weeks.