Coinbase Lend Tops $500M Deposits on Base, Pollak Says

Coinbase Lend, the onchain yield product built on Base, has surpassed 500 million in deposits, according to a Sept. 3 post from jessepollak, the creator of Base.

Pollak shared the milestone in response to a report from @Morpho, the lending protocol powering Coinbase Lend, which confirmed the half-billion-dollar figure. The product is curated by @SteakhouseFi and operates on base, Coinbase's Ethereum Layer-2 network.

"Coinbase is leading the way with onchain yield," Pollak wrote, highlighting the "seamless way to access 7% yield for any customer." He added that the company can help any neobank or brokerage do the same on Base.

The announcement underscores Coinbase's push to bring traditional finance users into onchain lending via its Layer-2 network. Coinbase Lend allows customers to earn yield on stablecoins and other assets directly on Base, leveraging Morpho's lending infrastructure.

Pollak's offer to extend this capability to other financial platforms signals a broader effort to integrate onchain yield into mainstream banking and brokerage services. No timeline or specific partnerships were announced.