Morpho vaults and markets

Isolated lending markets with curated vaults on top, which Coinbase uses for USDC lending and for loans against BTC, ETH and other coins.

Run by

Morpho Labs and Morpho Association

Route

KYC app, open protocol

Size

≈ $11.3B TVL, $5.6B lent (DefiLlama, Nov 2, 2026)

Launched

Jan 2024

License

None for the protocol. Coinbase, a licensed US exchange, runs KYC and says it is a technology provider, not the lender.

Backing

Loans in isolated markets with one collateral each. Steakhouse Prime Instant USDC on Base: 91% against cbBTC, 9% against ETH tokens (Nov 5, 2026).

Reports

Many audits listed across markets and vaults. Curators publish allocations, and Credora ratings by RedStone appear on Morpho.

Networks

Ethereum and Base hold most deposits, then Robinhood Chain, Arc, Arbitrum and 20+ other chains (Nov 2026).

Access

Open to any wallet. Coinbase lending: US users outside New York and some other countries. Coinbase loans: US users outside New York. Robinhood Earn (US) announced Jul 1, 2026.

Yield

Steakhouse Prime Instant USDC on Base: 4.93% after fees (Nov 5, 2026), paid by borrowers on the cbBTC market. Coinbase’s own Steakhouse USDC vault: 4.42% (7 day average).

Rules

Fits the app route: Coinbase runs KYC, skips New York and lets users hold their own vault shares. No regulator has ruled on the setup.

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Public information as of September 2026, simplified. Not legal or investment advice. Open the full earn and borrow world.