Overview
- Coinbase launched the SteakhouseFi High Yield Vault on June 11, 2026, letting users access USDe-linked lending strategies through the Smart Wallet on Base without leaving the app.
- The vault runs on Morpho lending markets, uses Base as its layer‑2 settlement layer, and is curated exclusively by Steakhouse Financial to allocate a broader mix of collateral including Ethena-related assets and RWAs.
- USDe is a synthetic dollar backed by crypto collateral and hedging trades rather than fiat reserves, and its staked form sUSDe reports a lifetime average APY of about 11.2%, a yield that depends on market funding and basis-trade conditions.
- Coinbase Ventures bought ENA tokens as a public signal of support, and the new vault gives Ethena additional retail distribution while offering a different risk/return profile than Coinbase’s Prime USDC vault, which uses a narrower, higher-quality collateral set.
- The product expands on-chain services inside a major exchange but raises new risks for retail users because USDe yields can compress or reverse in stressed markets and the collateral mix has different liquidity characteristics than reserve-backed stablecoins.