Coinbase Launches DeFi Earn Product in Brazil Using Morpho Protocol for USDC
Crypto exchange Coinbase has expanded its DeFi Earn product, powered by the Morpho onchain lending protocol, to eligible users in Brazil. This allows Brazilian customers to earn rewards on their USDC stablecoin holdings without any lock-up period. The feature is accessible via the Lending tab within the Coinbase app and leverages market-driven interest rates based on supply and demand dynamics. Coinbase's DeFi Earn product has already seen significant adoption, reaching nearly $500 million in total supply since its launch with APYs as high as 7.4%. The company aims to deepen USDC utility for Brazilian users by offering additional ways to utilize idle assets alongside staking and existing rewards programs. The move aligns with Coinbase's broader strategy of connecting customers more closely to the 'Everything Exchange' vision, where user assets can work harder through multiple financial pathways.
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