Coinbase just made DeFi its lending engine.
• Steakhouse’s USDC vault on Morpho went 5x in January to ~$450M.
• ~$428M is deployed to borrowers posting cbBTC collateral.
• Depositors earn ~4.21% APY.
> Flow is the signal
• USDC in the Coinbase app → routed to @Morpho vaults
• cbBTC borrowers tap that liquidity → @coinbase keeps the UX
CeFi is becoming the frontend.
DeFi is becoming the balance sheet.
If more exchanges copy this playbook, Morpho style rails become the default backend for CeFi lending.
Source: @tokenterminal

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