ChainCatcher reported that Coinbase announced on Wednesday the launch of two on-chain USDC lending vaults on Morpho. Steakhouse Financial serves as the risk curator for the products, giving users lending options across different risk levels for the first time. The two vaults are structured around separate approaches: one uses a more conservative collateral framework, while the other is designed around a broader collateral basket and a higher yield profile.
Prime and High Yield use different collateral strategies
The Prime vault follows a conservative strategy and uses blue-chip crypto assets such as BTC and ETH as collateral. According to the information included in the announcement, the yield range for this vault is approximately 3.5% to 4%. Its design centers on mainstream crypto collateral rather than a wider set of assets.
The High Yield vault accepts a broader basket of collateral, including assets issued by Ethena. A curated vault using Ethena’s Treasury-backed stablecoin USDtb has an annualized yield of about 8.79%. Compared with the Prime vault, the High Yield option covers a wider collateral scope and carries a higher stated yield level.
Steakhouse Financial oversees about $2.03 billion in Morpho vault TVL
Morpho provides non-custodial lending infrastructure. In the Coinbase vault launch, Steakhouse Financial acts as the risk curator. Steakhouse Financial manages about $2.03 billion in Morpho vault total value locked, leading the second-ranked manager by roughly $1 billion.
The relationship between Coinbase and Ethena predates this vault launch. Coinbase Ventures purchased ENA tokens in the open market in June as part of a broader distribution agreement. With the launch of the two USDC lending vaults, Coinbase is placing both the Prime and High Yield on-chain lending options on Morpho’s infrastructure, while using Steakhouse Financial for risk curation.