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Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
Coinbase users can now lend USDC through the High Yield vault without leaving the exchange application. The product operates through Morpho-based lending markets and supports a more dynamic collateral framework. Unlike the existing Prime USDC vault, the High Yield option includes Ethena-related assets among accepted collateral.
The first product in the Ethena and Coinbase collaboration is now live: the High Yield Vault has launched on Coinbase, powered by USDe on Morpho.
Steakhouse Financial curates the vault allocations, while Morpho provides the lending infrastructure. Deposited funds enter lending markets where borrowers pay interest to lenders. The system keeps lending activity within the Coinbase application, while the lending operations are executed through decentralized infrastructure. Coinbase describes the product as part of its on-chain lending offering, with users selecting a vault through a simplified interface.
The Prime USDC vault focuses on collateral such as cbBTC, cbETH, and wstETH. Coinbase positions this vault around assets considered higher quality within the lending framework.
By contrast, the High Yield vault accepts a broader collateral mix. Coinbase and its partners describe the separation between the two products as being driven by collateral exposure: Prime vaults maintain a narrower collateral profile, while High Yield vaults permit assets with different liquidity characteristics. Borrowers using those assets may pay different rates for USDC liquidity, resulting in each vault operating under a separate risk structure.
Coinbase’s expansion adds another on-chain financial product to its consumer platform, allowing users to access lending features without moving funds to external applications. The company continues expanding products connected to on-chain services, including payment and automation tools.
For Ethena, the new vault provides an additional distribution channel for USDe-related activity. For Coinbase, the launch expands its DeFi lending lineup by enabling users to choose between Prime and High Yield vaults based on available collateral structures. Both products operate through Morpho infrastructure and Steakhouse-managed allocations, and the High Yield vault is now available through the Coinbase application.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
