ChainCatcher report: On Wednesday, Coinbase announced the launch of two on-chain USDC lending vaults on Morpho, with Steakhouse Financial serving as the risk curator, offering users their first choice of lending options with varying risk levels. The Prime vault employs a conservative strategy, accepting blue-chip crypto assets such as BTC and ETH as collateral, with yields ranging approximately between 3.5% and 4%. The High Yield vault accepts a broader basket of collateral, including assets issued by Ethena, and its curator vault using Ethena’s treasury-backed stablecoin, USDtb, offers an annualized yield of approximately 8.79%. Morpho provides non-custodial lending infrastructure, and Steakhouse Financial manages approximately $2.03 billion in TVL across Morpho vaults, leading the second-place competitor by about $1 billion. Coinbase’s collaboration with Ethena predates this vault launch; in June, Coinbase Ventures purchased ENA tokens on the open market as part of a broader protocol distribution strategy.
Coinbase Launches Two USDC Lending Vaults on Morpho with Different Risk Levels
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Summary
Coinbase has launched two on-chain USDC lending vaults on Morpho, offering different risk profiles. The Prime vault accepts BTC and ETH as collateral, yielding 3.5% to 4%. The High Yield vault accepts a broader range of collateral, including Ethena’s USDtb, with yields nearing 8.79%. Steakhouse Financial, which manages $2.03 billion in TVL, curates the vaults. This on-chain development marks Coinbase’s latest move in real-world assets (RWA), building on its prior partnership with Ethena.
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