Bitso Offers Variable Returns of Up to 8% on USDC and MXNB Deposits Through Morpho
Key Facts
Bitso has made its Bóvedas service available to users of its app, allowing them to deposit USDC or MXNB into lending vaults through Morpho, according to product details published by the company. Bitso says the approximate annual yield on USDC ranges from 4% to 8%, while the target yield on MXNB is up to 8%, with rates updated in the app in real time. The company links returns to borrowing demand on Morpho, so they vary with activity in the markets where the vaults allocate funds. Gauntlet coordinates the vault strategies and manages the associated risks, according to its description of its role in the product. This gives Bitso users access to collateralized lending through the app, while the stated rates remain variable rather than fixed returns.
The process starts with a non-custodial embedded wallet that Bitso automatically creates in the user’s name when Bóvedas is activated for the first time. The company says users control their funds through this wallet and do not need to manage its keys or recovery phrases as long as it remains linked to their account. Once assets are allocated to the service, they move to a smart contract on the Morpho protocol and are no longer held by Bitso. This structure differs from a bank account or deposit held by the platform: the vaults conduct lending through the protocol, while balances and returns are displayed in the app. Gauntlet says its role includes coordinating vault strategies and managing risk, while the launch description does not establish that Bitso does not operate the interface.
Bitso states that assets placed in Bóvedas do not have the deposit insurance available to bank accounts. According to the company, the funds are held in a Morpho smart contract rather than by Bitso. The Bitso USDC Prime vault page warns that some or all supplied assets could be lost, and cites risks from smart-contract flaws, price-oracle failures or manipulation. Withdrawals may also be delayed when liquidity utilization is high, until borrowers repay their loans or new liquidity enters. Bitso says transfers from Bóvedas to the user’s balance are available at any time and without a lockup period, but notes they may be temporarily delayed if protocol liquidity is limited.
Bitso describes the rates as variable: USDC yields approximately 4% to 8% annually, while the stated target for MXNB is up to 8% annually, according to an update dated October 15, 2026. USDC rates are linked to borrowing demand on Morpho, while allocations in the Bitso USDC Prime vault follow Gauntlet Prime’s conservative framework, according to the vault page. The strategy aims to improve risk-adjusted returns by allocating across markets with large market capitalizations. Bóvedas may also distribute rewards in MORPHO, but Bitso says the rewards are variable and not guaranteed, like the yield itself. Customers are responsible for reporting and paying any taxes due on Bóvedas returns and claimed MORPHO rewards.
Morpho’s figures place the product within the expansion of curated vaults. The protocol said total deposits exceeded $15 billion in mid-September and then surpassed $17 billion by the time it prepared its monthly report, published on October 8, 2026. The report said more than 30 entities were coordinating vaults at the time. Products from Coinbase and Robinhood also each surpassed $500 million in deposits during September, according to Morpho. The vaults page currently shows total deposits of $17,117,915,664, a real-time figure when the page is opened rather than a historical reading from the launch of Bóvedas. Morpho’s opportunities page on the Base network shows the Bitso MXNB Prime V2 vault with total value locked of $207.97 thousand when the page is opened.
The service’s assets are USDC and MXNB, a digital currency pegged to the Mexican peso and issued by Juno, part of Bitso Business, according to the company’s report on stablecoins in Latin America. The transaction volume processed by Bitso Business grew 50% in 2024 compared with 2023, according to the same report. Bóvedas offers lending with variable returns, while Morpho launched the Midnight protocol for fixed-term lending and borrowing at fixed interest rates on July 21, 2026. The difference in return and term structures between the products defines the limits of what Bóvedas offers: deposits into vaults that follow borrowing demand and market risks, rather than a fixed interest rate for a set term. Additional rewards and withdrawals remain subject to changes in the protocol and liquidity, according to Bitso’s terms and the vault pages.