Cryptocurrency exchange listed in the United States Coinbase (COIN) Deployed a USDC loan product which allows its customers to gain return directly from the application of the exchange, deepening its integration with decentralized finance (Challenge).
The functionality is fueled by Morpho, a protocol that transports deposits through organized “boxes” managed by Steakhouse Financial, according to a blog on Thursday
When users deposit USDC, their funds are ready for borrowers – including those who are already hitting loans supported by Coinbase de Coinbase guaranteed by Bitcoin. The interests that borrowers pay generates declarations for depositors, who can withdraw at any time without locking.
Coinbase said that the configuration creates a steering wheel effect where its loan and borrowing products are reinforced each other. The launch follows more than $ 900 million in loans from the loan service supported by Coinbase. Together, the two offers form what the company calls its first complete ecosystem of loans and loans.
By outsourcing the backend to the intelligent contracts of Morpho while retaining the Coinbase interface, the company bets on what it calls the “defi mulet” approach: a user experience of familiar fintech, powered by an open and decentralized infrastructure at the rear.
For users, the product offers an easier means of decentralized loan markets without leaving the Coinbase platform. For Morpho, he underlines the argument that the future of finance will be built on open networks, but accessible via trusted bridges.
