According to online reports, Max Branzburg, product leader of Coinbase, quoted Dune data as saying that so far, Coinbase users have lent more than US$400 million in USDC through on-chain mechanisms, with an annualized interest rate of about 5%. The lending function grew rapidly within a few months of its launch. Max mentioned that users are using this feature to use BTC as collateral to raise funds by avoiding reducing assets.