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GameFi Guides

Temporary ‘Boost’ from DeFi Lender Morpho Behind Elevated USDC Lending Rates for Coinbase Users

by admin September 20, 2025



In brief

  • Coinbase unveiled a lending product this week offering “competitive yields.”
  • DeFi lender Morpho is currently subsidizing those rates.
  • A Coinbase employee acknowledged that it’s a marketing tactic.

A lending product unveiled by Coinbase that offers up to 10.8% returns on USDC deposits is receiving a temporary boost from DeFi lender Morpho.

On X, Coinbase Head of Consumer and Business Products Max Branzburg said on Thursday that around 6% of the product’s returns stem from activity that takes place on Morpho’s platform, while an additional 5% is being “boosted” by the protocol itself.

In a statement to Decrypt, a Coinbase spokesperson confirmed that Morpho is currently augmenting the lending product’s returns, but it declined to say whether the arrangement was the product of a deal, or when the effective subsidy could end.

“While the interest rate always fluctuates and will climb or dip naturally over time, the current yield is elevated by the Morpho boost,” they said. “Morpho frequently deploys incentives to drive activity in their ecosystem, and this is part of that broader motion.”

Decrypt has reached out to Morpho for comment.

When Coinbase unveiled the lending product on Thursday, many people wondered where its competitive yields came from, whether through memes or posing the question directly. The intrigue, in many ways, is the product of contagion among crypto lenders in 2022.

The advertised return for Coinbase’s product is not nearly as eye-popping as the 20% returns once offered by Anchor Protocol before Terra’s ecosystem went belly up in 2022. As companies like Coinbase lean into on-chain lending products under crypto-friendly lenders, the pause among some onlookers indicates bad memories haven’t been entirely forgotten.

A blog post introducing Coinbase’s new lending product makes no mention of Morpho’s subsidy, which Branzburg acknowledged is for marketing purposes on X. A Coinbase spokesperson noted that the exchange has a help page explaining that Morpho’s lending rates can vary.

Morpho, which exists on Ethereum and Coinbase’s layer-2 scaling network Base, allows users to create markets for overcollateralized loans that are separate and customizable. For its product, Coinbase said that a firm called Steakhouse Financial is curating the “vaults” that users deposit funds into, or managing risk and allocating USDC to different markets.

Decrypt has reached out to Steakhouse for comment.

The only vault on Morpho tied to Stakehouse that exists Base had $24 million in USDC deposits on Friday, according to Morpho’s website. The vault offered an annual percentage yield of 5.87%, and is currently collecting a 25% performance fee.

The vault’s funds were supplied to markets for borrowing wrapped versions of Bitcoin and Ethereum, including Coinbase’s cbBTC and cbETH products, as well as WETH and wstETH. Over 98% percent of the vault’s funds were dedicated to the market for lending cbBTC.

The Coinbase spokesperson confirmed to Decrypt that the vault is tied to its product.



In a blog post, Morpho said Coinbase’s lending product dovetails with the exchange’s second rollout of crypto-backed loans earlier this year, which are also powered by the DeFi lender. (Coinbase stopped issuing crypto-backed loans under its Borrow service in May 2023, not long after receiving an enforcement threat from the SEC.)

“The two offerings complement each other perfectly: lenders provide liquidity that directly fuels crypto-backed loans,” Morpho said.

Coinbase users can already earn passive rewards on USDC held within their accounts, topping out at 4.5% APY for customers of its subscription-based membership. The dollar-pegged token is backed by cash and U.S. Treasuries, like most other stablecoins.

Several banking groups have called stablecoin rewards a “loophole” under legislation that was recently passed in the U.S., demanding that it be changed. Yet others see the prospect of yields as important for stablecoins to see adoption amid a competitive market.

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September 20, 2025 0 comments
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Crypto Trends

Crypto Lender Maple Expands to Tether-Backed Plasma

by admin September 16, 2025



Cryptocurrency lending platform Maple Finance has deployed syrupUSDT on Plasma, a payments-focused blockchain backed by Tether, in its first major move to expand the product beyond Ethereum.

Starting tomorrow, users will be able to deposit the token into a Midas-hosted vault that offers yield while distributing rewards tied to Plasma’s upcoming mainnet launch and token generation event. Future integrations with decentralized finance protocols on Plasma are planned as the network builds out.

“This launch underscores our excitement over Plasma and its importance as a payments ecosystem,” Maple CEO Sid Powell said in a statement. He added that distributing yield-bearing dollar products across chains is central to Maple’s push to grow liquidity and hit $5 billion in assets under management by the end of 2025.

Plasma is designed to process transactions quickly while focusing on USDT as its base asset. For Maple, the chain’s infrastructure could provide a natural fit for products like syrupUSDT, which package stablecoins into vaults that generate returns.

The launch continues a year of rapid growth for Maple, which has already expanded to Solana and Arbitrum. Its syrupUSDC recently crossed $1 billion in supply, underscoring the demand for tokenized yield products across blockchain ecosystems.



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September 16, 2025 0 comments
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GameFi Guides

Blockchain Lender Figure Hits Nasdaq at $5.3 Billion Valuation

by admin September 14, 2025



In brief

  • Figure Technologies and its investors raised $787.5 million through its IPO.
  • It is among several crypto firms that have debuted on Wall Street this year.
  • The market cap of Figure’s tokenized HELOC loans is $12.5 billion.

Blockchain lender Figure Technologies was set to begin trading on the Nasdaq on Thursday under the ticker symbol “FIGR” after raising $787.5 million through an initial public offering alongside existing investors, according to a press release.

The New York-based firm, which uses a blockchain-based platform to facilitate lending outside its traditional scope, sold 31.5 million shares at $25 apiece. The firm and its investors previously targeted a range of $20 to $22 per share for its IPO across 26 million shares. With 211 million in shares outstanding, the deal valued Figure at $5.29 billion.

The upsized IPO represented Wall Street’s latest reading on the crypto industry’s pulse, following the debut of crypto exchange Bullish and stablecoin issuer Circle earlier this year. Winklevoss-founded crypto exchange Gemini is set for its IPO on Friday.



Figure said it’s not receiving any proceeds from shares sold by existing investors. That means Figure itself raised $587 million through the IPO. The IPO’s lead underwriters included Goldman Sachs and BofA Securities.

Figure describes its ecosystem as “the largest non-bank provider of home equity financing,” having originated $16 billion worth of home loans since inception alongside its partners since its inception in 2018. Figure also facilitates crypto-backed loans.

Homeowners typically tap a home equity line of credit (HELOC) to make home improvements or consolidate debt. In practice, securing a HELOC can be time-consuming, but using a blockchain, Figure says applicants can receive approval in minutes and funding within days.

Using its Provenance blockchain, Figure is engaged in the tokenization of private credit, and it had $11.7 billion in outstanding loans that are represented on-chain, as of Thursday, per data from RWA.xyz. The value of loans originated by Tradable and Maple Finance, its biggest competitors, meanwhile totaled $2.1 billion and $1.2 billion, respectively.

Figure’s HELOC loans are represented by tokens, which rank among the largest cryptocurrencies by market capitalization, according to crypto data provider CoinGecko. At $12.5 billion, they currently have a greater market cap than Avalanche’s native token.

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September 14, 2025 0 comments
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