Coinbase Expands USDC Rewards via Morpho to Brazil
USDC (USDC)
Editor:
Eugene Serbin
CoinGape reported on September 9 that Coinbase is integrating the Morpho onchain lending protocol for customers in Brazil. This expansion allows eligible users to earn rewards on their USDC stablecoin holdings without any lock-up period. Users access the feature through the Lending tab in the Coinbase app, where deposits are moved to the Morpho protocol to match lenders and borrowers on-chain.
The USDC accrues rewards in an audited vault curated by Steakhouse Financial, with rates driven by onchain supply and demand. Coinbase One subscribers receive a boosted rate where available. This product is separate from Coinbase’s standard USDC Rewards program and joins existing staking options.
Coinbase’s Earn product previously reached nearly $500 million in total supply in the US, offering up to 7.4% APY. Fabio Plein, regional managing director for the Americas, stated the expansion reflects efforts to make users’ assets work harder and connect them to the Everything Exchange vision.
How the market reacted
Whalio's own Binance spot order flow for USDC, measured when this story was written up on 9 September 2026. Not the outlet's figures.
USDC is trading at $1.00 with a 1-hour buy ratio of 54.5% and a 4-hour buy ratio of 50.8%, indicating immediate buying interest. These short-term ratios are higher than the 24-hour buy ratio of 48.3%, suggesting that buying pressure is building in the most recent hours. The 1-hour volume delta is positive at +$13,066,317, while the 4-hour delta is +$9,069,332, showing net inflows in the short term. However, the 24-hour volume delta is -$110,029,403, meaning net outflows have dominated over the full day. The CVD for the 24-hour close is -$195,677,875, confirming that sellers have been in control for the majority of the day. Only 6 of the last 24 hours saw net buying, with spot volume reaching $3,223,862,302 across 547,633 trades.
The latest daily buy ratio of 50.2% sits at the 73rd percentile of the last 322 days, against a median of 48.4% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for USDC, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.6%, making today's 24-hour ratio of 48.3% slightly below the weekly norm by 1.3 points. Trading volume was 1.18x the average, indicating heightened activity compared to typical days. The 8-day volume delta total was -$247,358,914, showing a consistent pattern of net outflows over the longer period. Only 2 of the last 7 days experienced net buying, suggesting this is an unusual day for accumulation relative to the recent trend. The price has remained flat with a 0.0% change over the 8-day period.