Coinbase is expanding its Morpho-powered DeFi Earn product to eligible customers in Brazil, allowing them to allocate USDC through the Lending tab in its app. The stablecoins are transferred onchain to Morpho, a decentralized lending protocol, and deposited into an audited vault curated by Steakhouse Financial. Borrowers provide crypto collateral and pay interest, which funds lender returns. Withdrawals of USDC and accrued rewards are available at any time, although access can depend on liquidity in the lending market. Returns vary with supply and demand rather than being guaranteed, and Coinbase One members may receive an additional rate increase where available. The product has accumulated nearly $500 million in deposits since its initial U.S. launch and recently offered rates of up to 7.4% APY, compared with launch rates as high as 10.8% APY. Coinbase’s standard USDC Rewards program remains separate. The Brazilian rollout comes as local authorities strengthen oversight of virtual-asset businesses and stablecoin activity.