Bitget adds onchain yield for USDC and Bitcoin holders
DeFi & Yields ·
The exchange is routing deposits into Morpho lending strategies curated by Gauntlet, letting its user base earn yield without moving funds off-platform.
Bitget is integrating decentralized finance yield products directly into its exchange and wallet, reaching a user base of 125M, according to a post on X. The arrangement channels USDC and Bitcoin deposits into Morpho lending strategies, with allocations curated by risk manager Gauntlet, running on Morph's payment network.
The companies are advertising around 18% APY on USDC and 3% APY on bgBTC, Bitget's wrapped Bitcoin product, per the same post. Users are said to retain custody of their assets throughout, rather than transferring them to a third-party protocol to earn the advertised rates.
The rollout is staggered across products. The Bitcoin-denominated strategy went live on Bitget Exchange immediately, while the USDC version is scheduled to reach Bitget Wallet on August 3. This lets the exchange test the mechanism with its Bitcoin-holding users before extending it to the larger USDC deposit base.
The integration is corroborated by separate accounts describing Bitget and Bitget Wallet adopting Morpho Vaults on Morph to deliver non-custodial USDC and bgBTC yield curated by Gauntlet, and a related report of RedStone launching a Bitcoin yield strategy vault on Morph Network aimed at the same 125M-plus Bitget user base. Together these describe a multi-party stack — Bitget as the distribution layer, Morph as the network, Morpho as the lending protocol, Gauntlet as curator, and RedStone tied to the Bitcoin vault specifically.
What remains unclear is how the 18% and 3% APY figures are calculated, whether they are fixed or variable, and how they might shift as deposits scale. It is also not yet established how the non-custodial claim is technically enforced within Bitget's exchange and wallet interfaces, or what fees, if any, apply across the stack of participating companies. Whether the USDC rollout proceeds on schedule for Bitget Wallet on August 3, and how uptake compares between the Bitcoin and USDC strategies, are open questions for now.