Trezor, the world's second-largest hardware wallet maker, launched native stablecoin yield inside its Trezor Suite app Thursday, letting users earn on USDC (USDC) and USDT (USDT) without leaving the device.
Key Points:
- Trezor users can now earn yield on USDC and USDT through the Earn tab in Trezor Suite, with no external wallet or DeFi app required.
- The feature runs on Morpho, with two pre-selected vaults curated by Steakhouse Financial.
- Yield comes from real borrowing demand on Ethereum rather than token incentive programs, and withdrawals carry no lockups.
Trezor Suite Adds Morpho Vaults
Trezor rolled out the feature from Prague, opening it to more than two million users across desktop and mobile.
The yield runs through Morpho (MORPHO), a decentralized lending protocol that has operated on Ethereum since 2022.
Trezor has pre-selected two vaults at launch, USDC Prime and USDT Prime, both curated by Steakhouse, an independent yield strategy firm. Users skip the research step entirely. They open Suite, go to the Earn tab, and deposit in a few clicks.
Every deposit, withdrawal and reward claim is signed on the user's device. Private keys never leave the hardware, and each step is clear-signed in plain language before approval.
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Tomáš Sušánka Frames The Trade-Off
The launch reflects a wider push by wallet providers to fold DeFi into custody products. Rival Ledger already offers similar yield through Ledger Live.
Tomáš Sušánka, Trezor's chief technology officer, said the goal was to erase the old choice between hardware security and yield access. "The same security people already trust now covers their stablecoin position," he said.
Morpho chief executive Paul Frambot framed the integration as a way to reach people who have never touched DeFi. He argued the sector grows when it becomes invisible, sitting inside apps people already use.
The rates move with borrowing demand. They climb when activity runs high and fall when it cools, avoiding the headline numbers that collapse once incentive programs end.
Stablecoin Yield Race Heats Up
Analysts still flag the risks. Stablecoin yield strategies carry smart contract exposure, liquidity gaps and reliance on centralized issuers.
The product arrives during a busy stretch for the sector. This week, Stable launched a USDT yield vault built on Morpho, while Coinbase and Crypto.com have rolled out their own Morpho-powered lending in recent months. Steakhouse now curates roughly two-thirds of all USDC deposits on the protocol, and blue-chip vaults currently pay between 4% and 8% on dollar-pegged tokens.
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