Uniswap launched Earn on July 31, a lending product built on Morpho’s infrastructure that lets users deposit USDC, USDT, and ETH into Gauntlet-curated vaults and collect yield, all while keeping self-custody of their funds.
How Earn actually works
The product routes user deposits into lending vaults curated by Gauntlet, the risk management firm that has built a reputation for institutional-grade optimization across DeFi. Gauntlet’s vaults have accumulated nearly $1B in assets under management in roughly a year and a half.
Morpho serves as the lending protocol backbone. Coinbase launched its USDC Earn product in September 2025 using Morpho-powered vaults (those were curated by Steakhouse), and Robinhood followed with its own Earn product in July 2026.
Users deposit supported assets, the vault handles allocation, and they earn lending yield without lockup periods. For context on returns: Coinbase’s USDC yield product hit as high as roughly 10.8% at one point.
