Uniswap launches Earn product for USDC, USDT and ETH

Uniswap has introduced an Earn feature that lets users deposit the stablecoins USDC and USDT as well as Ether (ETH). The product routes deposits into lending vaults built on Morpho’s protocol and curated by risk‑management firm Gauntlet, allowing users to earn yield while retaining self‑custody of their assets. The launch expands Uniswap beyond its traditional role as a token‑swap venue, aiming to keep capital on‑chain and increase user retention.

On launch day UNI traded around $4.32, up roughly 1%, giving the platform a market capitalization of about $2.7 billion. The service carries smart‑contract risk across Uniswap’s interface, Morpho’s lending contracts and Gauntlet’s allocation strategies. Analysts note that the product’s success will depend on borrowing demand and utilization rates, which could affect yields across competing platforms that also use Morpho.

The Earn feature is part of Uniswap’s broader strategic push to add lending and borrowing functionality, following earlier initiatives such as the Unichain upgrade earlier in the year.