Coinbase’s lending product on Base has crossed $500 million in deposits, a milestone that says less about a single number and more about how quickly the line between centralized exchanges and DeFi is dissolving.
The deposits, denominated in USDC, flow through Morpho protocol vaults managed by Steakhouse Financial. Coinbase’s DeFi Earn product acts as the front door, letting users earn onchain yields without needing to navigate the usual maze of wallet connections, gas fees, and protocol approvals. The yield comes from real lending activity happening on Base.
Base’s lending boom by the numbers
The $500 million figure is impressive on its own, but it’s just a slice of what’s happening on Base’s lending rails. Morpho surpassed $5 billion in total deposits on Base by August 6, 2026. That makes Coinbase-linked deposits roughly 10% of the total Morpho pool on the network.
Stablecoin deposits across Base lending protocols hit an all-time high of $2.4 billion by July 30, 2026. More than 90% of that stablecoin liquidity sat in Morpho vaults. USDC dominates the composition, which isn’t surprising given Coinbase’s close relationship with Circle, the issuer.
