Coinbase officially launches on-chain lending function

According to ChainCatcher, according to Coinbase, the platform officially launched an on-chain lending function, allowing users to lend USDC through the decentralized financial protocol Morpho and obtain competitive returns. Currently the feature offers an annualized rate of return of up to 10.8%. This feature operates entirely on the Base network and is powered by Morpho and Steakhouse Financial. After the user deposits into USDC, Coinbase will create a smart contract wallet to connect to the Morpho protocol, and funds will be allocated to different lending markets through an on-chain funding curated by Steakhouse Financial to optimize returns. User funds can be withdrawn at any time and will be immediately received if liquidity allows. Coinbase said the feature will be gradually opened to users in the United States (except New York State), Bermuda and other countries in the coming weeks.