Lemon brings DeFi-powered USD savings account to millions of LATAM users

Lemon is Latin America’s most widely used crypto app, founded in Argentina and expanding across the region with millions of users. Through its app and Lemon Card, customers can buy, earn, and spend crypto in their daily lives.

In Argentina, as well as other LATAM countries where local fiat currencies are going through rampant debasement, stablecoins backed by USD or US treasuries, such as USDT and USDC, are one of the most popular ways for locals to protect their capital. The Lemon team identified a major opportunity: offering users higher-yielding savings products directly within the app for hundreds of millions of users who already hold USDT and USDC in Lemon. Lemon wanted to empower its customers to put idle assets to work transparently and efficiently, without compromising on user experiences.

Lemon turned to Morpho to power a next-generation Earn experience that would deliver competitive yields while staying fully aligned with Lemon’s design language and frictionless product experience.

By integrating Morpho, Lemon launched Lemon Earn without having to build its own lending infrastructure from scratch.

Through Morpho, Lemon could instantly access deep, onchain liquidity across multiple curated stablecoin Vaults, letting users generate yield on their stablecoin deposits from day one. These vaults, curated by risk managers such as Steakhouse Financial and Gauntlet, allocate assets into blue-chip lending markets on Morpho, where borrowers from other DeFi Mullet integrations (Fintechs in the front, DeFi in the back) like Coinbase Loans have originated hundreds of millions in borrowing demand.

Every position is verifiable onchain, giving Lemon users transparency and confidence in where their yield comes from. At the same time, the app experience remains seamless: Lemon users simply select the assets they’d like to earn yield on via the Lemon app, and the product takes care of the rest.

Lemon successfully launched one of the most widely used DeFi-powered Earn products in Latin America, enabling millions of users to access yields far higher than those offered by banks, directly from the app they already use daily for payments and crypto.

Since launch, hundreds of thousands of Lemon customers have opened positions to earn through Morpho while enjoying full transparency and control. This integration has helped Lemon add an additional feature in its super app and solidify its position as the go-to crypto hub in Latin America, bridging mainstream adoption with onchain innovation.

Different from DeFi users in developed markets, Lemon’s customers are relatively small in individual positions. Despite that, Lemon users have deposited tens of millions of stablecoin liquidity via Lemon into Morpho while enjoying the best rates onchain. This shows the enormous potential of DeFi Mullet integrations like this to bring millions of users who don’t necessarily have to know anything about DeFi onchain to enjoy the best of noncustodial onchain savings.