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Lending

Exchange Review August
GameFi Guides

Gains 3% as SBI Lending and ETF Catalyst Drive Flows

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XRP extended gains above $3.00 as institutional desks pressed bids into elevated volumes, confirming a short-term floor near $2.99. Japan’s SBI lending rollout and a pending U.S. ETF decision cycle framed the move, with resistance capping at $3.10 after heavy prints.

News Background

XRP climbed 3% between Oct. 2, 04:00 and Oct. 3, 03:00, rising from $2.98 to $3.03. The rally followed SBI Holdings’ expansion of institutional XRP lending services, signaling Japan’s deepening crypto push. Meanwhile, Ripple CTO David Schwartz announced his departure after 13 years, and seven XRP ETF applications remain under SEC review, with the first decisions expected Oct. 18. Prediction markets now price approval odds above 99%, reinforcing speculative inflows.

Price Action Summary

  • XRP traded a $0.15 corridor (4.9% range) between $2.95 and $3.10.
  • At 16:00, price spiked from $3.00 to $3.06 on 212.6M tokens — more than double the daily average.
  • Resistance hardened at $3.10, where 129M in turnover capped upside.
  • XRP consolidated between $3.00–$3.05, signaling accumulation above the $3.00 line.
  • In the final hour, XRP dipped from $3.03 to $3.02 amid profit-taking, with a 2.35M spike at 03:55 showing institutional rebalancing.

Technical Analysis

Support is confirmed near $2.99–$3.00, with multiple defenses holding the level. Resistance remains defined at $3.10, where institutional sellers concentrated. The session carved a consolidation band above $3.00, suggesting professional accumulation. Volume-led breakout attempts validate institutional participation, though conviction remains tethered to a sustained close above $3.10 to unlock the next leg toward $3.20.

What Traders Are Watching?

  • Whether XRP can sustain closes above $3.00 and retest $3.10.
  • Institutional positioning shifts ahead of Oct. 18 ETF deadlines.
  • SBI’s lending flows and their impact on Asian liquidity trends.
  • Broader CD20 index confirmation, as alt rotations track XRP’s strength.



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Exchange Review August
GameFi Guides

XRP Jumps 5% as SBI Lending Program and ETF Countdown Fuel Rally

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XRP surged to fresh highs after Japan’s SBI unveiled an institutional lending initiative, igniting volumes above 160M and lifting price through key resistance. Buyers defended $2.93 multiple times as flows consolidated, with the October 18 ETF decision window now framing the next breakout test toward $3.00.

News Background

XRP climbed 5.2% over the 24-hour window from Oct. 1, 03:00 to Oct. 2, 02:00, advancing from $2.84 to $2.97. The move followed SBI’s launch of an XRP lending program for institutional payments, highlighting Japan’s push into large-scale adoption. The rally also comes as Ripple CTO David Schwartz transitions to an emeritus role and with seven spot ETF filings pending SEC decisions starting Oct. 18.

Price Action Summary

The token traded a $0.16 band (5.6% volatility) between $2.82 and $2.98. The breakout accelerated at 08:00 Oct. 1, as XRP ripped from $2.86 to $2.92 on 164.5M tokens — more than double the daily average. Subsequent consolidation held $2.93 support through multiple retests, while resistance firmed at $2.96–$2.98. In the final hour, XRP extended 0.28% from $2.96 to $2.97, hitting $2.98 before sellers capped the advance.

Technical Analysis

Support has shifted higher to $2.93 after repeated defenses, while resistance remains entrenched at $2.96–$2.98. The breakout was validated by volume spikes — including a 4.8M burst during the late-session rally — signaling institutional demand underpinning the move. The hour chart showed a textbook ascending structure, with higher lows at $2.96–$2.97 leading into the session peak. Bulls need a decisive close above $2.98 to confirm momentum toward the $3.00 psychological barrier.

What Traders Are Watching?

  • Whether XRP can sustain closes above $2.96–$2.98 to set up a $3.00 breakout.
  • Impact of SBI’s lending program on Asian liquidity flows and whether buying persists into U.S. hours.
  • Positioning shifts ahead of the Oct. 18 SEC deadline for seven spot ETF applications.
  • Broader CD20 index confirmation, as peer tokens also rallied 4–5% with elevated volume.



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GameFi Guides

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

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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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Crypto Trends

Coinbase launches onchain USDC lending with up to 10.8% APY

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Coinbase is deepening its decentralized finance push with the launch of onchain lending for USDC directly within its app.

Summary

  • Coinbase has unveiled onchain USDC lending with yields up to 10.8% APY.
  • Integration with Morpho on Base allocates funds across lending markets via smart contract wallets.
  • Rollout starts in select regions, expanding access to DeFi without leaving the Coinbase app.

Coinbase has rolled out an onchain lending feature for USDC, allowing users to earn yields as high as 10.8% directly through its app. 

The integration, announced on Sept. 18, connects to the Morpho (MORPHO) lending protocol on Base, Coinbase’s Layer 2 network. When a user deposits USD Coin (USDC), Coinbase automatically generates a smart contract wallet that routes funds into Morpho vaults curated by Steakhouse Financial.

To maximize profits, these vaults distribute capital among lending markets. Interest starts to accrue immediately, and as long as there is liquidity, users can withdraw at any moment.

Expanding USDC utility

The rollout builds on Coinbase’s existing USDC Rewards program, which currently offers up to 4.5% APY for holding the stablecoin. By tapping into permissionless markets via Morpho, the new service provides yields more than double those rewards while keeping the familiar Coinbase interface.

The feature is initially available to users in the U.S. (excluding New York State), Bermuda, Hong Kong, the United Arab Emirates, New Zealand, the Philippines, Taiwan, and South Korea. Coinbase said broader access will follow in the coming weeks.

Morpho currently secures more than $8 billion in total value locked, highlighting demand for decentralized lending. Through this integration, Coinbase will serve as a gateway to these markets, enabling retail users to access on-chain yields without having to deal directly with complex DeFi protocols.

Building a USDC utility ecosystem on Coinbase

In 2025, Coinbase has gradually increased the range of USDC-linked services it offers. It launched USDC loans backed by Bitcoin in January, later increasing the limit to $1 million. The exchange has also expanded USDC integrations into derivatives, NFTs, and even AI-driven payments, creating what it describes as a “flywheel” effect for adoption.

USDC is still one of the most liquid and extensively used stablecoins, with over $73 billion in circulation. Coinbase’s onchain lending feature adds another use case, strengthening its bet that stablecoins will anchor mainstream adoption of crypto finance.



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NFT Gaming

Coinbase Adds USDC Lending With Morpho and Steakhouse Financial

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U.S.-listed cryptocurrency exchange Coinbase (COIN) has rolled out a USDC lending product that allows its customers to earn yield directly from the exchange’s app, deepening its integration with decentralized finance (DeFi).

The feature is powered by Morpho, a protocol that routes deposits through curated “vaults” managed by Steakhouse Financial, according to a blogpost on Thursday

When users deposit USDC, their funds are lent out to borrowers — including those already tapping Coinbase’s crypto-backed loans secured by bitcoin. The interest borrowers pay generates returns for depositors, who can withdraw anytime without lockups.

Coinbase said the setup creates a flywheel effect where its lending and borrowing products reinforce each other. The launch follows more than $900 million in loans originated through Coinbase’s crypto-backed loan service. Together, the two offerings form what the company calls its first complete onchain lending and borrowing ecosystem.

By outsourcing the backend to Morpho’s smart contracts while keeping the Coinbase interface, the company is betting on what it calls the “DeFi mullet” approach: a familiar fintech user experience at the front, powered by open, decentralized infrastructure in the back.

For users, the product offers an easier way into decentralized lending markets without leaving Coinbase’s platform. For Morpho, it underscores the argument that the future of finance will be built on open networks, but accessed through trusted gateways.



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GameFi Guides

DBS, Franklin Templeton and Ripple sign MOU to launch trading and lending solutions

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DBS, Franklin Templeton, and Ripple have signed a Memorandum of Understanding (MOU) to collaborate on offering trading and lending solutions that leverage tokenized money market funds on the XRP Ledger blockchain and Ripple’s stablecoin, Ripple USD (RLUSD).

The MoU will see Franklin Templeton tokenize its money market fund, Franklin on-chain U.S. dollar short-term money market fund, on XRP Ledger, a public and enterprise-grade blockchain.

At the same time, DBS Digital Exchange (DDEx) will list sgBENJI, the money market fund token, alongside RLUSD, enabling DBS clients to rebalance their portfolios between a stablecoin and a yield-generating money market fund. This will help investors earn yield even during volatile periods.

Nigel Khakoo, VP and Global Head of Trading and Markets at Ripple, called the collaboration a game changer.

“2025 has been marked by a series of industry-firsts when it comes to traditional financial institutions moving onchain – and the linkup between Ripple, DBS and Franklin Templeton to enable repo trades for a tokenised money market fund with a regulated, stable and liquid mode of exchange, such as RLUSD, is truly a game-changer,” Khakoo said in an email announcement shared with CoinDesk.

“Investors can also seamlessly rebalance their portfolios between a stablecoin and a yield-generating money market fund, all within a single, trusted ecosystem, unlocking real-world capital efficiency, utility and liquidity that institutions demand,” Khakoo added.

Lim Wee Kian, CEO of DBS Digital Exchange, said that the collaboration is evidence of how tokenised securities can play that role while injecting greater efficiency and liquidity in global financial markets.

Additionally, DBS is considering allowing holders of sgBENJI tokens to pledge their tokens as collateral to borrow funds from the bank of third-party platforms.

The move will open new liquidity options for investors holding sgBENJI tokens, enabling them to leverage their digital assets to obtain credit while still retaining exposure to the underlying yield-generating money market fund.



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Sec, Gemini Reach Tentative Settlement In Crypto Lending Case
Crypto Trends

SEC, Gemini Reach Tentative Settlement in Crypto Lending Case

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The U.S. Securities and Exchange Commission (SEC) has reached a preliminary settlement with Gemini Trust, the crypto exchange run by Tyler and Cameron Winklevoss, over its Gemini Earn program. The deal still needs final approval from the SEC, but could finally bring an end to the lawsuit that’s been hanging over the company since early 2023.

Background of the case

The SEC accused Gemini of failing to properly register its Gemini Earn lending program before offering it to everyday investors. Launched in 2021, the program let customers lend bitcoin and other cryptocurrencies to Genesis Global Capital in return for interest. In the process, Gemini collected fees that went as high as 4.29%.

However, trouble began when Genesis suspended withdrawals in November 2022, following the collapse of Sam Bankman-Fried’s FTX. At that time, around 340,000 Gemini Earn customers were left without access to roughly $900 million in assets. 

The SEC later filed a lawsuit in January 2023, arguing that Gemini and Genesis bypassed disclosure rules meant to protect investors. Genesis has since agreed to pay $21 million to settle without admitting wrongdoing.

Settlement details

In a letter filed on Monday in the Manhattan federal court, lawyers from both sides confirmed the settlement would “completely resolve” the lawsuit. They requested U.S. District Judge Edgardo Ramos to halt all deadlines and grant them time until December 15 to finalize the paperwork. As of now, the precise terms remain confidential, pending approval from SEC commissioners.

Legal experts suggest the penalty may fall between $10 million and $20 million—far lighter than originally feared and lower than penalties imposed during the previous administration.

Market impact

The settlement news came just days after Gemini’s successful market debut. The New York-based exchange raised $425 million in an initial public offering (IPO) last week, valuing the company at about $3.3 billion. On Monday, Gemini shares closed at $32.52, up $0.52 and 16% above the IPO price of $28, according to Reuters.

What’s next

If approved, the agreement would remove a significant legal hurdle for Gemini as it looks to expand its business following its public listing. For investors, the case is a reminder that crypto lending platforms come with regulatory risks and why clear disclosure rules are important for protecting customers.

Also Read: IPO Market Raises $4 Billion This Week With Gemini Leading



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SEC, Gemini Trust Reach Agreement Over Lending Dispute
Crypto Trends

SEC, Gemini Trust Reach Agreement Over Lending Dispute

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The US Securities and Exchange Commission (SEC) and Gemini Trust Company filed a status update in court, letting a federal court know they had reached a “resolution in principle” to resolve a securities case stemming from a 2023 complaint.

In a Monday filing in the US District Court for the Southern District of New York (SDNY), the SEC and Gemini Trust said that, “subject to review and approval” by the commission, the two parties requested that all litigation in the civil case be indefinitely stayed.

The filing stated that both parties would file another status report if the case weren’t resolved by Dec. 15.

Source: SDNY

The securities case against Gemini Trust and Genesis Global Capital began with a complaint filed by the SEC in January 2023. The commission alleged that Genesis and Gemini “engaged in an unregistered offer and sale of securities to US retail investors” between February 2021 and November 2022.

The agreement in principle likely marked one of the last steps in the winding down of the case against the two firms after the SEC and Genesis announced a $21 million settlement in 2024.

The agency, then under acting SEC chair Mark Uyeda, told Gemini in February that it would not recommend pursuing an enforcement action as part of a separate investigation against the company. 

Related: Gemini (GEMI) stock soars in Nasdaq debut amid crypto IPO boom

The securities case alleged that investors sent Genesis assets through Gemini’s Earn Program with the expectation that the company would pay interest. The SEC said that both companies raised “billions of dollars’ worth of crypto assets, principally from US retail investors,” without registering with the regulator. 

“[I]nvestors lacked material information about the Gemini Earn program that would have been relevant to their investment decisions,” alleged the January 2023 complaint. “Instead of providing investors with the full panoply of information required by the federal securities laws, Defendants have instead only made selective and inadequate disclosures.”

Trump and Gemini: Partners in crypto policy?

Gemini co-founders Cameron and Tyler Winklevoss were financial and personal supporters of US President Donald Trump during his 2024 campaign and have continued to maintain close ties to the White House this year.

The twins were present during the signing of the GENIUS stablecoin bill, and reportedly pressed for Trump to reconsider the nomination of Brian Quintenz as chair of the US Commodity Futures Trading Commission.

The White House asked a Senate committee to delay a hearing on Quintenz’s nomination before it broke for an August recess, and, as of Monday, no other hearing had been scheduled.

Last week, Quintenz released screenshots of texts between himself and the Winklevosses from July that suggested they were looking for certain assurances regarding enforcement actions if his nomination were to move forward.

Gemini also began its initial public offering on Friday, reportedly raising $425 million with 15.2 million shares.

Magazine: Can privacy survive in US crypto policy after Roman Storm’s conviction?



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GameFi Guides

South Korea Blocks Lending Services

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

South Korea’s financial regulator has ordered a stop to all crypto lending on local exchanges, saying the fast-growing products lack proper rules and pose risks.

The Financial Services Commission (FSC) issued administrative guidance that takes effect immediately and will stay in place until new lending rules are written.

Regulator Moves To Halt Crypto Lending

According to the FSC, exchanges must suspend services that let users borrow against crypto or fiat deposits. Existing loans are not being wiped out; borrowers can still repay or extend under current contracts.

Reports say the order is an administrative step, not a criminal ban, but platforms that ignore it may face on-site inspections from authorities.

South Korea confirms that the only “investment” the U.S. is getting out of them is in the form of high interest rate loans.

Just like Japan. pic.twitter.com/REDeuP8DvC

— Spencer Hakimian (@SpencerHakimian) August 4, 2025

Rapid Uptake And Big Numbers

Based on reports, lending offerings exploded after early July. Upbit launched a program letting customers borrow up to 80% of the value of their deposits, using USDT, Bitcoin and XRP as collateral.

Rival Bithumb offered loans worth up to four times a customer’s holdings, and other local platforms quickly followed.

One company’s first month drew roughly 27,600 investors who borrowed about 1.5 trillion won ($1.1 billion), according to the regulator. Market swings pushed about 13% of those borrowers into liquidation, the FSC added.

BTCUSD trading at $115,564 on the 24-hour chart: TradingView

Liquidations And Stablecoin Strain

Reports have disclosed an unusual sell-off in USDT tied to the lending push, and that move briefly disturbed stablecoin pricing on some Korean platforms.

Forced liquidations and a sudden rush to sell can magnify losses for ordinary users, which is exactly what alarmed regulators. That mix of heavy borrowing and market stress is what the FSC flagged as a systemic worry.

Exchanges Pivot As Rules Loom

Upbit and Bithumb had already paused lending once in July; Bithumb later resumed under stricter terms before this fresh suspension.

At the same time, industry players are preparing for more regulated business: Dunamu, which runs Upbit, unveiled a custody service that stores assets in cold wallets for corporate and institutional clients.

Reports also point to the ruling party’s Digital Asset Basic Act, a proposal that would formally allow lending services inside exchange operations — but only once rules are set.

Push For Rules While Opening New Doors

Officials say they will move quickly to build a clear rulebook for digital asset lending to protect users and keep markets steady.

South Korea appears to be loosening other curbs: authorities are clearing the way for the country’s first spot crypto ETFs and are working on a won-pegged stablecoin framework.

That shows regulators want to encourage safer forms of crypto access, while trimming riskier retail products.

Featured image from Verdict, chart from TradingView

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