Coinbase USDC lending rate
Coinbase's "Lend USDC" feature puts your USDC into Morpho vaults on Base that Steakhouse Financial curates. Here are the live rates of both tiers, what they have earned recently, and what your USDC is lent against.
Data from Morpho's API · updated
Core tier net APY
3.36%
30-day average 3.87%
High Yield tier net APY
3.33%
30-day average 3.56%
Core tier deposits
$104.5M
$104.5M withdrawable now
High Yield tier deposits
$458.2M
$94.90M withdrawable now
Core tier
Steakhouse USDC3.36%
net APY right now, after the 25% performance fee
| 7-day average | 3.99% |
|---|---|
| 30-day average | 3.87% |
| Before fees | 4.50% |
| Deposits | $104.5M |
| Can be withdrawn now | $104.5M |
| Curator | Steakhouse Financial |
What it lends against
| cbBTC | 92.7%$96.87M |
|---|---|
| WETH | 4.5%$4.70M |
| cbETH | 2.7%$2.87M |
| wstETH | 0.1%$69.6K |
High Yield tier
Steakhouse High Yield USDC Edition3.33%
net APY right now, after the 25% performance fee
| 7-day average | 3.62% |
|---|---|
| 30-day average | 3.56% |
| Before fees | 4.47% |
| Deposits | $458.2M |
| Can be withdrawn now | $94.90M |
| Curator | Steakhouse Financial |
What it lends against
| USDe | 55.1%$252.3M |
|---|---|
| cbBTC | 20.7%$94.89M |
| mGLO | 19.7%$90.11M |
| cbXRP | 3.4%$15.78M |
| cbETH | 0.6%$2.64M |
Core tier APY history
Net APY after fees, one point per day
How Coinbase USDC lending works
Coinbase launched USDC lending with Morpho and Steakhouse Financial in September 2025. When you lend, your USDC is deposited into a Morpho vault. The vault's curator spreads it across Morpho markets where people borrow USDC against collateral, such as the cbBTC and ETH loans Coinbase itself offers. Borrowers pay interest, the vault keeps a performance fee, and the rest is your yield. That is why the rate moves every day with borrowing demand.
The two tiers. The Core tier (Steakhouse USDC) lends mostly against bitcoin and ETH. The High Yield tier (Steakhouse High Yield USDC Edition) also lends against Ethena's USDe and similar dollar tokens, aiming for a higher yield in exchange for the risk of those tokens. It doesn't always pay more: right now it pays 3.33%, against 3.36% for the Core tier. The vaults were matched to the two tiers from public on-chain data; Coinbase does not publish their addresses.
Withdrawals. You can take money out only when the vault has unlent USDC available, shown above as "can be withdrawn now". If markets are fully borrowed, withdrawals wait until borrowers repay or rates rise enough to bring new lenders in.
Not the same as USDC rewards. Coinbase's separate USDC rewards program pays a rate Coinbase sets itself. USDC lending pays whatever the Morpho vault earns, with the risks of on-chain lending: smart contract bugs, bad debt if collateral crashes, and the curator's choices. Read Coinbase USDC lending explained and Morpho's risks explained.
Morpho Watch is independent and not affiliated with Coinbase, Morpho or Steakhouse Financial. Nothing here is advice; confirm the rate in the Coinbase app before you act. Compare with every stablecoin vault on Morpho.