Ethena’s assets held within Coinbase’s DeFi earn product crossed $300 million on August 11, 2026. This milestone was reached through the Steakhouse High Yield USDC Vault, launched on June 11, 2026, which had already surpassed $100 million in deposits within four days of launch. The vault allows Coinbase users to deposit USDC into a high-yield lending structure backed by Ethena’s synthetic dollar assets USDe and its staked variant sUSDe. The Coinbase-Ethena partnership positions Coinbase as primary custodian and wallet provider, with Coinbase Ventures also purchasing ENA tokens. Yield remains sensitive to perpetual futures market conditions and the product’s resilience through a full market cycle remains unproven.
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