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Ethena launches High Yield Vault on Coinbase powered by USDe
The SteakhouseFi vault brings Ethena's synthetic dollar savings to Coinbase's 100 million-plus users through Morpho-based lending on Base
Ethena’s first product with Coinbase is now live, bringing a USDe powered high yield vault to Coinbase users.
The first product in the Ethena ✦ Coinbase collaboration is now live.
The @SteakhouseFi High Yield Vault has officially launched on @Coinbase, powered by USDe on @Morpho.
Coinbase's user base now has access to a best in class savings rate through the vault, live in the… pic.twitter.com/xYG7gGW8mJ
— Ethena (@ethena) June 11, 2026
https://x.com/ethena/status/2065147131070210236?s=20
https://x.com/ethena/status/2065147131070210236?s=20The Steakhouse High Yield Vault has launched inside the Coinbase app, using Ethena’s USDe through Morpho, according to Ethena. The product gives Coinbase users access to a higher yield lending option backed by a broader mix of assets.
Coinbase said users can now choose between two lending products. Prime is backed by blue chip assets such as Bitcoin and Ethereum, while High Yield offers higher potential returns through a wider collateral base, including assets powered by Ethena.
The launch marks the first live product from the Ethena and Coinbase collaboration. Ethena said the vault is available to Coinbase users in the US and abroad.
The rollout expands Coinbase’s push to bring more onchain yield products into its main app, while giving Ethena access to one of the largest retail user bases in crypto.