Coinbase Users Deposit $50 Million into SteakhouseFi's USDC Vault in Rapid DeFi Lending Adoption

A decentralized finance (DeFi) lending product offered through Coinbase has seen a significant influx of capital, with users depositing over $50 million into the SteakhouseFi USDC vault within its first week of availability. The rapid accumulation highlights growing user interest in integrated DeFi yield opportunities on mainstream platforms.

Merlin Egalite, Co-founder and CEO of Morpho Labs, the developer behind the Morpho Protocol, announced the milestone on social media. > "There’s already $50m from @coinbase users that have been deposited on @SteakhouseFi USDC vault after a week. This is just getting started," Egalite stated, signaling strong initial traction for the new offering.

The substantial deposits follow Coinbase's recent launch of a USDC lending product, which integrates directly with the Morpho Protocol. This feature allows Coinbase customers to earn yield on their USDC stablecoin holdings without navigating complex decentralized applications directly. Steakhouse Financial acts as a curator for these Morpho vaults, managing the underlying lending strategies.

The Steakhouse USDC Morpho Vault is designed to optimize yields by lending USDC against various collateral markets. It leverages Morpho's peer-to-peer lending infrastructure, providing users with a streamlined way to participate in DeFi lending. Deposits into the vault are represented by STEAKUSDC tokens, which accrue yield automatically.

This swift adoption underscores a broader trend of traditional cryptocurrency exchanges bridging the gap between centralized finance (CeFi) and DeFi. By offering curated DeFi products, platforms like Coinbase are making yield-generating opportunities more accessible to a wider user base, potentially driving further mainstream engagement with decentralized protocols. The initial success suggests a strong appetite among Coinbase users for integrated, yield-bearing stablecoin products.