Coinbase launches two USDC lending vaults on Morpho, offering different risk level options

Coinbase announced on Wednesday the launch of two on-chain USDC lending vaults on Morpho, with Steakhouse Financial serving as the risk curator, providing users with lending options at different risk levels for the first time. The Prime vault adopts a conservative strategy, using blue-chip crypto assets like BTC and ETH as collateral, with yields ranging from approximately 3.5% to 4%. The High Yield vault accepts a broader basket of collateral, including assets issued by Ethena, with an annualized yield of about 8.79% supported by Ethena's government bond-backed stablecoin USDtb.

Morpho provides a non-custodial lending infrastructure, with Steakhouse Financial managing approximately $2.03 billion in Morpho vault TVL, leading the second place by about $1 billion. Coinbase's collaboration with Ethena predates the launch of these vaults, as Coinbase Ventures purchased ENA tokens on the open market in June as part of a broader distribution agreement.