US brokerage platform Robinhood said on Wednesday it is rolling out Robinhood Earn to eligible U.S. customers, offering an estimated 7% APY on dollar-backed USDG lent through a self-custody wallet inside the main app.
The product packages onchain credit infrastructure as a native app feature. Morpho, an onchain lending network with over $11B in deposits, serves as the underlying credit layer.
USDG used in Robinhood Earn is first put into a Morpho Vault curated by Steakhouse Financial. From there, the funds are spread across Morpho Markets, with borrowers posting collateral from protocols including Spark, Ethena, and Maple. The yield is generated from borrower interest. Robinhood Chain, the company’s Ethereum-compatible Layer-2 built on Arbitrum infrastructure, handles settlement.
“Decentralized finance technology works best as infrastructure, allowing brands and institutions to offer products that are more open, more transparent and more competitive than those built on traditional financial rails,” said Paul Frambot, Co-founder of Morpho.
Robinhood said it has arranged insurance via Lloyd’s of London and RELM that covers cyber or smart contract exploits. The rollout will continue over the coming weeks.
Robinhood Earn was announced alongside Robinhood Chain mainnet, Stock Tokens, and agentic trading as part of the company’s onchain product push unveiled at an event in London.
