Ethena-Powered Coinbase Vault Tops $100M In Deposits Days After Launch

Ethena’s Coinbase integration has crossed an early nine-figure milestone, with Ethena-linked Morpho activity moving above $100 million only days after launch.

Coinbase opened the High Yield USDC vault on June 11 as a second USDC lending option inside its app. The product is curated by Steakhouse Financial, powered by Morpho and built around dynamic collateral that includes assets powered by Ethena.

Morpho campaign data showed the Steakhouse High Yield USDC Edition V2 vault on Base at about $53.89 million in TVL. The related USDe/USDC supply market showed another $53.88 million in TVL, putting the two visible Ethena-linked lines above $107 million.

The fast start strengthens the launch of Ethena-powered USDC yield inside Coinbase through Morpho, giving the product early proof that users are willing to test DeFi lending when the exchange handles the app experience.

Coinbase Wraps DeFi Lending Inside Its App

The product is not a simple USDe listing on Coinbase. Users lend USDC through Coinbase’s app, while the funds move into Morpho-based vault infrastructure on Base. Steakhouse Financial curates the vault strategy, and Coinbase keeps the user-facing flow inside its own interface.

That structure matters because it lowers the friction normally tied to DeFi lending. Users do not need to separately connect to Morpho, manage a third-party front end or manually route assets through onchain lending markets. Coinbase still makes clear that funds depend on underlying vault liquidity and can be withdrawn when liquidity permits.

The High Yield vault also carries more risk than simply holding USDC. The Prime/Core-style option focuses on blue-chip collateral such as BTC and ETH, while the High Yield product uses a broader collateral mix. Higher borrower demand can support higher yields, but the risk profile also includes smart contracts, collateral volatility, liquidity conditions and market stress.

Stablecoin Yield Demand Gets A Fast Test

The $100 million-plus start gives Coinbase and Ethena a quick demand signal. Stablecoin yield remains one of the clearest consumer-facing DeFi use cases, especially when users can access it from a familiar exchange app rather than a separate protocol interface.

For Ethena, the vault adds a mainstream distribution route without forcing users to buy or trade USDe directly. For Coinbase, it expands USDC from a simple balance and rewards asset into a lending product connected to onchain markets.

The next metric is retention. Early deposits show appetite, but the stronger test will be whether users keep funds in the vault as yields move, liquidity changes and market conditions shift across Morpho’s Base markets.

The post Ethena-Powered Coinbase Vault Tops $100M In Deposits Days After Launch appeared first on Crypto Adventure.