Coinbase launches USDC on-chain lending and financial management services, with an annualized rate of 10.8%

According to BlockBeats, on September 19, according to The Block, cryptocurrency trading platform Coinbase is launching a new feature that allows users to borrow their stablecoins on-chain to earn income, with an annualized rate of return of up to 10.8%. The service is technically powered by Morpho, a decentralized lending protocol, and the allocation of funds operates through an on-chain vault managed on the Base network by Steakhouse Financial. Base is an Ethereum layer 2 expansion solution incubated by Coinbase. Coinbase says that when users deposit USDC, the system creates a smart contract wallet that spreads funds into different lending pools to optimize returns. Users can start to earn profits immediately and apply for withdrawals at any time based on capital liquidity. Coinbase emphasizes that although the feature relies on the DeFi protocol, it is designed through the integrated design of Coinbase applications to provide mainstream users with a familiar and easy-to-use experience.