Coinbase has expanded its DeFi Earn product to Brazil through an integration with Morpho, the onchain lending protocol operating on the Base network. Announced on September 9, 2026, the move enables Brazilian users to deposit USDC from self-custody wallets and earn yields of up to 7.4% APY with no lock-up periods, while retaining the option to withdraw funds at any time.
The mechanism routes deposits to Morpho, which connects lenders and borrowers directly onchain. Funds are held in audited vaults managed by Steakhouse Financial, where they accumulate rewards until the user decides to withdraw them. Rates are dynamic and adjust according to onchain supply and demand. Coinbase One subscribers can access a boosted rate where available. Since its launch in the United States, DeFi Earn has accumulated nearly $500 million in total supply, establishing itself as one of Coinbase’s fastest-growing ways for customers to put USDC to work.
Coinbase also highlighted that Brazilian users can now access USDC onchain rewards directly from the Coinbase app, reinforcing the company’s broader strategy to deepen stablecoin utility in emerging markets. The initiative aligns with existing products such as staking and USDC Rewards and is expected to increase USDC transaction volumes and adoption across Latin America.
