4 hours ago
U.S.-listed cryptocurrency speech Coinbase (COIN) has rolled retired a USDC lending merchandise that allows its customers to gain output straight from the exchange’s app, deepening its integration with decentralized concern (DeFi).
The diagnostic is powered by Morpho, a protocol that routes deposits done curated “vaults” managed by Steakhouse Financial, according to a blogpost connected Thursday
When users deposit USDC, their funds are lent retired to borrowers — including those already tapping Coinbase’s crypto-backed loans secured by bitcoin. The involvement borrowers wage generates returns for depositors, who tin retreat anytime without lockups.
Coinbase said the setup creates a flywheel effect wherever its lending and borrowing products reenforce each other. The motorboat follows much than $900 cardinal successful loans originated done Coinbase’s crypto-backed indebtedness service. Together, the 2 offerings signifier what the institution calls its archetypal implicit onchain lending and borrowing ecosystem.
By outsourcing the backend to Morpho’s astute contracts portion keeping the Coinbase interface, the institution is betting connected what it calls the “DeFi mullet” approach: a acquainted fintech idiosyncratic acquisition astatine the front, powered by open, decentralized infrastructure successful the back.
For users, the merchandise offers an easier mode into decentralized lending markets without leaving Coinbase’s platform. For Morpho, it underscores the statement that the aboriginal of concern volition beryllium built connected unfastened networks, but accessed done trusted gateways.
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