Bitso Brings Morpho Lending to Its App With Bóvedas

Bitso has introduced Bóvedas, letting users lend stablecoins through its app into Gauntlet-curated Morpho vaults on Base. The company advertises returns of up to 10% on MXNB and 5% on $USDC, bringing onchain lending directly into its retail interface.

Activating the product creates an embedded, noncustodial wallet, according to Bitso’s product guide. Users transfer $USDC or MXNB from their Bitso balance into that wallet to lend through Morpho. Bitso says funds in Bóvedas sit in smart contracts rather than in its custody, while Gauntlet chooses allocations and risk limits.

The return comes from borrowers paying for liquidity, not a fixed payout promised by Bitso. Customers take exposure to the vault’s collateral choices and smart-contract risks, and withdrawals depend on available liquidity. Bitso’s safety disclosure says the product has no bank-style deposit insurance.

Morpho announced that “Millions of Latin American users can now earn yield on MXNB and $USDC” directly from the Bitso app.

MXNB is a stablecoin pegged to the Mexican peso and issued by Juno, a Bitso company, according to Bitso’s description.

Borrower Demand Sets the Return

Bitso’s rate guide says interest rates rise or fall with demand for loans on Morpho, with the current rate displayed in the app. Bóvedas can also distribute MORPHO tokens as additional rewards; those rewards are variable and not guaranteed. The advertised returns are not fixed rates.

Bitso links customers to Bitso $USDC Prime, whose stated strategy allocates across large-market-cap markets under Gauntlet’s Prime framework. Morpho’s API listed about $1.59 million in vault assets and a net annualized yield of 4.63% in a live snapshot taken shortly after the announcement.

The vault’s risk disclosure warns that collateral prices can fall faster than liquidators can close positions, leaving bad debt in the vault. Depositors can lose some or all of their assets. Contract faults and failures or manipulation of price oracles—the feeds used to value collateral—are additional risks. Gauntlet’s curation does not eliminate those exposures.

The launch extends an exchange-distribution model already used by Coinbase. As The Defiant previously reported, Coinbase introduced two Morpho $USDC lending vaults curated by Steakhouse Financial, offering different risk profiles.

Bitso says customers can transfer funds back without a lockup period. But when protocol liquidity is limited, transfers can take longer; the app will display an estimated wait.