Coinbase is rolling out a USDC lending feature to eligible customers in Brazil and Canada through a connection to Morpho. Users allocate dollar stablecoins from the Coinbase app into an onchain lending strategy rather than transferring them manually between several services. The September 9 expansion follows the earlier introduction of the company's DeFi Earn product in the United States.

The underlying activity takes place on Base, with customers' self-custodial wallets routing USDC to Morpho. The funds then enter vaults curated by Steakhouse Financial. Coinbase says users can withdraw without a fixed lockup period. Returns are determined by lending-market conditions and may change as the balance between available deposits and borrowing demand changes. An advertised rate therefore is not a fixed account interest rate.

Coinbase said its U.S. DeFi Earn product had attracted nearly $500 million in total supply by the time of the expansion. The new countries give it access to two different markets where customers already use USDC for dollar exposure and transfers. In the app, eligible users see the option through a lending tab, while the transaction itself is routed to a protocol rather than managed as a conventional bank deposit.

The launch illustrates how exchanges are packaging onchain lending into a familiar customer interface. Morpho supplies the market, Steakhouse curates the vaults and Coinbase provides access and routing. The key commercial questions are how many eligible users adopt the feature and how returns develop as more USDC enters the vaults. The rollout is gradual rather than an immediate release to every customer in both countries.