Coinbase Lend deposits pass $500M less than a year after launch
Coinbase's onchain USDC lending product has crossed $500 million in deposits, confirmed by Coinbase and Morpho. Deposits flow through Steakhouse Financial vaults on Base, less than a year after the September 2025 launch.
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Half a Billion in Deposits
@coinbase and @Morpho confirmed on Thursday that Coinbase Lend has crossed $500 million in total deposits, a milestone reached less than a year after the product's September 2025 launch. The deposits, denominated in USDC, flow through Morpho protocol vaults managed by @SteakhouseFi. Behind the scenes, deposits move from Coinbase accounts into Morpho vaults curated by Steakhouse Financial, then get allocated to markets such as cbBTC/USDC and WETH/USDC, where Coinbase customers can borrow funds and pay interest back to lenders.
The product initially rolled out to users in the US (excluding New York State), Bermuda, and several international markets including Hong Kong, the UAE, New Zealand, the Philippines, Taiwan, and South Korea.
Infrastructure and Growing Scale on Base
Morpho supplies the non-custodial lending infrastructure, while Steakhouse Financial, a DeFi risk curator, selects the collateral markets and sets the risk parameters for each vault. When users deposit USDC, their funds are lent out to borrowers, including those tapping Coinbase's crypto-backed loans secured by bitcoin. The interest borrowers pay generates returns for depositors, who can withdraw at any time without lockups.
As of June 2026, Coinbase expanded the product by offering users a choice between two USDC lending vault options curated by Steakhouse and powered by Morpho, each with different features and vault assets. The Prime vault lends against high-quality, blue-chip collateral, while the High Yield vault lends against a wider, more dynamic range, including assets powered by Ethena.
Morpho surpassed $5 billion in total deposits on Base by August 2026, making Coinbase-linked deposits roughly 10% of the total Morpho pool on the network. Together, Coinbase's lending and borrowing products form what the company calls its first complete onchain lending and borrowing ecosystem.
Sources:
Morpho: Morpho is now Powering USDC Lending on Coinbase
Coinbase Blog: Earn competitive yields by lending your USDC
CoinDesk: Coinbase Adds USDC Lending With Morpho and Steakhouse Financial
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.