Coinbase has officially launched an on-chain lending feature, allowing users to lend USDC (USDC) through the decentralized finance protocol Morpho and earn competitive yields. Currently, this feature offers an annualized yield of up to 10.8% (as of September 18th). This feature runs entirely on the Base network, with technical support provided by Morpho and Steakhouse Financial. After users deposit USDC, Coinbase will create a smart contract wallet connected to the Morpho protocol. Funds will be allocated to various lending markets through an on-chain treasury curated by Steakhouse Financial to optimize returns. User funds can be withdrawn at any time, with instant credit available, provided liquidity is available. Coinbase stated that this feature will be gradually expanded to users in the United States (excluding New York State), Bermuda, and other countries over the coming weeks.