Base introduced Earn & Borrow, a stack for apps to offer stablecoin yield and loans against customers' crypto via lending markets like Morpho and Aave.

Customers deposit stablecoins such as USDC and earn a variable rate paid by overcollateralized borrowers. Borrowers get USDC against crypto they hold in the app with no repayment schedule, though collateral can be liquidated. Vaults are run by independent curators, not by Base or Coinbase.

Lending markets on Base already hold $3B+ with a 4.45% average stablecoin yield before incentives. Aave has confirmed it is live in the stack.

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