Coinbase’s new high-yield USDC vault attracted over $100 million in deposits within four days of its June 11-12 launch. The product represents the first formal partnership between Coinbase and Ethena. Steakhouse Financial curated the vault using the Morpho protocol. This rapid adoption indicates high demand for decentralized finance yield products among centralized exchange users.
Bitcoin climbed toward $66,000 during the vault's launch, reaching its highest price in nearly two weeks. Reports of a potential U.S.-Iran peace agreement fueled the broader market rally. Coinbase CEO Brian Armstrong expressed continued bullishness for Bitcoin on social media platform X.