Woofun AI reports that Coinbase and Robinhood have introduced USDC yield products targeting approximately 7%, routing liquidity through the Morpho protocol. Structural analysis reveals distinct mechanisms: Robinhood combines borrower interest, USDG treasury earnings, and Merkl-distributed subsidies to cover the gap between ~3% organic returns and the target rate. Conversely, Coinbase generates yield by lending Ethena USDe to perpetual contract funding rates, supplemented by MORPHO token rewards, offering no guaranteed minimum. Current blended yields for Coinbase stand at 4.44%, with the campaign expected to end in mid-September, while Robinhood’s subsidy commitment extends for one year.