Coinbase’s lending product on Base has crossed $500 million in deposits, routed through Morpho protocol vaults managed by Steakhouse Financial. The Coinbase DeFi Earn product lets users earn yields from onchain lending activity on Base, representing roughly 10% of Morpho’s total deposits on the network. Stablecoin deposits across Base lending protocols hit an all-time high of $2.4 billion by July 30, 2026, with over 90% sitting in Morpho vaults. USDC dominates the composition given Coinbase’s close relationship with Circle, the issuer. This milestone highlights how quickly the line between centralized exchanges and DeFi is dissolving.
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