Bitso Adds Morpho Lending Access for USDC and MXNB in Bóvedas

Bitso has added Bóvedas, a feature for lending USD Coin (USDC) and MXNB through Morpho, giving customers an in-app route to onchain lending. Customers first transfer either asset from their Bitso balance to an embedded, noncustodial wallet, then supply it to a Morpho vault.

Bóvedas creates the wallet when a customer activates the feature. Funds supplied to a vault are held by smart contracts outside Bitso’s custody. Lending runs on Base, where Morpho’s contracts connect depositors with borrowers seeking liquidity.

Bitso advertises maximum returns of 5% for USDC and 10% for MXNB. Those are promotional ceilings, not fixed rates or promised payouts. Interest comes from borrowers paying for liquidity, so the rate changes with demand for loans. Customers can view the current rate in the app. Bóvedas may also distribute MORPHO tokens as an additional reward, but those rewards vary and are not guaranteed.

Gauntlet selects vault allocations and sets risk limits. MXNB is a Mexican peso-backed stablecoin issued by Juno, a Bitso company. The feature offers customers a dollar token and a peso-backed token for lending through the same app.

The risk details vary by vault. In Bitso USDC Prime, collateral prices may fall faster than liquidators can close borrower positions, leaving debt the vault cannot recover. The vault also faces risks from smart-contract faults and price oracles, the feeds used to value collateral, failing or being manipulated. Depositors could lose some or all of their assets.

Bóvedas does not carry deposit insurance like a bank account. Customers can transfer funds back without a fixed holding period, although limited protocol liquidity may extend the wait. The app provides an estimated delay.

The launch adds another exchange app built around Morpho lending, following Coinbase’s fixed-rate crypto loan product on Base. Coinbase’s product lets customers borrow against crypto, while Bóvedas lets Bitso customers supply USDC or MXNB to lending vaults.