Coinbase expands Morpho USDC lending to Brazil
Morpho (MORPHO)
Editor:
Eugene Serbin
Coinbase has extended its DeFi Earn product to eligible customers in Brazil, allowing them to earn variable returns on USDC via the Morpho protocol. The service, announced on September 9, directs user deposits into onchain vaults curated by Steakhouse Financial, which allocates funds to borrowers in exchange for interest. Users can access the lending tab within the Coinbase app, where deposits enter a vault that has undergone an audit, removing the need for separate wallet connections.
Unlike fixed-term deposits, the product allows withdrawals at any time, though access depends on available liquidity in the onchain market. Returns fluctuate based on supply and demand, with rates reaching 10.8% APY at launch and recently offering up to 7.4% APY. Coinbase One members may receive an additional rate increase, though specific launch rates for Brazil were not disclosed.
The product has accumulated nearly $500 million in total supply since its initial introduction in September 2025. Regional Managing Director for the Americas Fabio Plein stated the expansion aims to "make users’ assets work harder for them" as part of the Everything Exchange strategy. This rollout coincides with Brazil’s central bank implementing stricter audit and licensing requirements for crypto businesses. The expansion does not alter eligibility or terms for US customers, who have had access to similar models since 2025.
How the market reacted
Whalio's own Binance spot order flow for MORPHO, measured when this story was written up on 9 September 2026. Not the outlet's figures.
Morpho is trading at $2.37 with a 24-hour buy ratio of 53.8%, indicating that buying pressure has been dominant over the full day. However, shorter-term metrics show a shift, with the 1-hour and 4-hour buy ratios dropping to 42.3% and 42.7% respectively, suggesting that immediate buying momentum is fading. The 24-hour volume delta is positive at $251,670, meaning net buying has outweighed selling over the day. In contrast, the 1-hour and 4-hour volume deltas are negative at -$17,769 and -$42,200, indicating recent selling pressure. The Cumulative Volume Delta closed at +$58,265, confirming that the day ended with net accumulation despite the recent pullback. Spot volume for the period reached $3,278,228 across 33,216 trades.
The latest daily buy ratio of 49.0% sits at the 31st percentile of the last 324 days, against a median of 51.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for MORPHO, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 52.7%, with the latest day showing a slight increase of 1.1 points. This indicates that today's buying activity remains consistent with the weekly average, rather than being an unusual spike. Volume relative to the weekly average was 0.75x, showing that trading activity was lighter than usual. The coin experienced a price change of -9.2% over eight days, with a total volume delta of +$1,893,786. Net buying occurred on 5 of the 7 days, suggesting a generally positive trend despite the recent short-term dip.