Coinbase launches Ethena-backed SteakhouseFi USDe yield vault on Morpho

Ethena says the first product from its Coinbase collaboration is live: the SteakhouseFi High Yield Vault, powered by USDe on Morpho. The vault gives Coinbase app users in the U.S. and abroad access to onchain savings yield through a Coinbase-distributed product instead of routing directly through DeFi.

TLDR by @Benthic

More coverage

• Coinbase expands DeFi lending with Ethena-powered USDC vault (crypto.news)
• Steakhouse Ethena USDtb vault - Morpho (app.morpho.org)
• Ethena launches High Yield Vault on Coinbase powered by USDe (x.com)
• Coinbase Adds Two USDC Lending Vaults on Morpho, With a ... (thedefiant.io)
• Ethena's August 2025 Governance Update - General (gov.ethenafoundation.com)

Explore the topic

• Ethena
• Launch
• Vaults
• Coinbase