defi-access · Coinbase · Morpho · USDC · Brazil · lending
Coinbase Brings Morpho-Based USDC Lending to Brazil
Eligible users can route USDC from self-custodial wallets into Morpho vaults on Base, curated by Steakhouse Financial, with withdrawals available without a lock-up.
Coinbase is progressively rolling out its Morpho-based USDC lending product to eligible customers in Brazil.
Funds move from users' self-custodial wallets into Morpho on Base and then into lending vaults curated by Steakhouse Financial. Coinbase says users can withdraw at any time without a fixed lock-up period.
This is direct exposure to onchain lending rather than a conventional bank deposit or a fixed savings product. Rates are driven by protocol supply and demand and can change over time.
No lock-up does not mean no risk. Users remain exposed to smart contracts, vault strategy, borrower collateral, liquidity conditions and the operational interface connecting the Coinbase app with external protocols.
The next evidence is sustained availability, realized yields after fees, withdrawal performance under stress and transparent reporting on vault losses or impairments.
Sources and disclosures
Primary source: Coinbase, September 9, 2026. Product availability and performance figures are company-reported. Returns are variable and not guaranteed.
Update note
Observed September 10, 2026 BRT. Access is rolling out progressively to eligible users in Brazil.