Coinbase (COIN.US) launches USDC on-chain lending product, with a maximum yield of up to 10.8%.

Cryptocurrency exchange Coinbase Global (COIN.US) announced on Thursday that they are launching a decentralized lending product, where users can earn up to 10.8% interest by depositing USDC stablecoins. In a blog post, the cryptocurrency exchange stated that the new feature will gradually be made available to users in the United States (excluding New York state), Bermuda, and other countries in the coming weeks. When users deposit USDC, Coinbase will create a smart contract wallet that connects to a decentralized vault managed by Steakhouse Financial through the Morpho protocol, with funds being allocated to multiple lending markets. Users can access their funds at any time and withdraw them whenever liquidity allows. The company stated that Coinbase currently offers users a 4.1% annualized yield on USDC passive income, with Coinbase One members enjoying a 4.5% annualized yield. USDC is a US dollar-backed stablecoin issued by Circle Internet Group (CRCL.US).