Robinhood Earn
Robinhood Earn lets you buy USDG, a stablecoin fully backed by dollar reserves, on Robinhood Crypto. Then lend it onchain via your self-custody wallet to earn.
You initiate lending from your self-custody wallet in the app, which you control. When you lend, USDG is moved from your Robinhood account to your self-custody wallet, and you then authorize that USDG to be lent through Morpho’s protocol. You can use existing USDG or buy more USDG in Robinhood Crypto with your available buying power first.
To start lending in the app, go to the Investment or Crypto tab, scroll to Earn and select Start earning. You’ll need to complete the educational primer that reviews topics such as how onchain lending operates and the risks involved. After reviewing the Robinhood Onchain Lending Disclosure, you may be prompted to complete additional steps.
To start lending crypto from your self-custody wallet:
Next, you can select View lending details or Done. Once processing is complete, you’ll start earning on your USDG and can request a withdrawal at any time.
Available to lend is the amount you can lend right now. It includes USDG in your Robinhood Crypto account and buying power available to purchase additional USDG through that account.
To withdraw your crypto from lending:
Funds will automatically route back to your tradeable custodial account balance.
USDG amount available to withdraw includes earnings accrued, but doesn’t include any pending lending activity. Available to withdraw is the total amount of crypto you have actively lent through Morpho's lending protocol via your self-custody wallet.
You can export your private keys at any time to manage your self-custody wallet elsewhere.
Exporting your wallet means it will become read-only on Robinhood. You won’t be able to use it for new lending or transactions. Your private key will remain accessible in your Crypto Settings. Once you export a wallet, it can’t be undone.
Because lending requires transferring USDG from your Robinhood account to your self-custody wallet and then interacting with Morpho smart contracts, any restriction on your Robinhood account may prevent access to this feature.
Onchain lending through the Robinhood Earn program lets you lend your USDG through Morpho’s decentralized lending protocol via a self-custody wallet accessible through the Robinhood app.
Onchain lending is fundamentally different from a savings account or bank deposit. There is no regulated central intermediary holding your crypto assets, no government-backed insurance protecting your balance of crypto assets, and no custodial recovery if something goes wrong. Your crypto assets are lent through smart contracts on a public blockchain, governed by code and independent third parties—not by Robinhood or any regulated financial institution. You should only participate with crypto assets you can afford to lose, and you should read this disclosure carefully before participating.
Onchain lending is conducted through a self-custody wallet that you own and control. This is a self-custody wallet, meaning Robinhood does not hold your assets, does not control your private keys, and cannot initiate or execute transactions on your behalf.
Robinhood provides a software interface that allows you to create and manage your self-custody wallet, initiate and sign onchain transactions, and connect your wallet directly to third-party decentralized protocols like Morpho. Once you transfer assets from your self-custody wallet to a third-party protocol, those assets are governed by that protocol’s smart contract logic and terms, not by Robinhood.
Because your wallet is self-custodial:
You are the only party who can authorize transactions from your wallet. Your wallet's private keys are generated and stored within a Trusted Execution Environment (TEE), which is a secure, isolated computing environment operated by Privay, an independent third-party provider. The TEE is designed so that private keys cannot be accessed or extracted by Robinhood or any other party, including the TEE provider itself. When you confirm a transaction in the Robinhood app, your authorization instructs the TEE to sign that transaction using your private key. The TEE acts solely on your instruction and cannot be directed to sign a transaction without your explicit authorization. The signed transaction is then broadcast to the blockchain and is irreversible.
If the TEE provider experiences an outage, security incident, or infrastructure failure, your ability to access your self-custody wallet may be temporarily or permanently disrupted. During any such disruption, you may be unable to authorize transactions, initiate withdrawals, or access crypto assets held in onchain protocols. If a security incident at the TEE provider results in unauthorized access to or compromise of your private keys, your crypto assets could be at risk. Robinhood does not control the TEE provider, is not responsible for its availability or security, and cannot guarantee that a TEE provider failure will not result in the loss of access to your wallet or your crypto assets.
Your self-custody wallet is protected by the authentication methods you set up when creating your Robinhood account. If those authentication methods are compromised, for example if your device, email account, or login credentials are accessed by an unauthorized party, you may permanently lose access to your self-custody wallet and the assets held within it. Robinhood has no ability to restore access to your self-custody wallet, override your authentication, or recover your crypto assets on your behalf. Loss of wallet access is not recoverable through Robinhood customer support. You are solely responsible for maintaining the security of your authentication credentials.
You may export your wallet's private keys at any time, which allows you to manage your wallet and assets outside of the Robinhood app using any compatible wallet provider. However, exporting your private keys carries significant risk. Your private keys are the master credentials for your self-custody wallet. Whoever holds it has full, irrevocable control over every asset in that wallet. If your exported private keys are lost, stolen, shared, or otherwise compromised, any party who obtains them can access and transfer your assets without your authorization and without any ability for Robinhood or any other party to intervene, freeze, or reverse those transactions. You should store any exported private keys with care and never share them with anyone.
When you engage in onchain lending through Robinhood Earn, you are authorizing the transfer of USDG from your self-custody wallet into a Morpho lending vault. Morpho is a decentralized lending protocol that operates on a public blockchain through autonomous smart contracts. It is not operated, controlled, or affiliated with Robinhood. Once you authorize the deposit, your USDG moves directly from your wallet into the vault and is governed entirely by Morpho’s smart contract code and terms. Robinhood has no ability to direct, pause, or reverse that activity.
Your USDG is deposited into a Morpho lending vault curated by Steakhouse Financial, an independent third party. Steakhouse is responsible for setting the vault’s parameters, including those relating to risk boundaries, collateral types, and lending allocations.
When you interact with Morpho through your self-custody wallet, you are entering into a direct relationship with Morpho’s smart contracts and governance, subject to Morpho’s Terms of Use. Robinhood is not a party to that relationship and is not responsible for Morpho’s performance, code security, or governance decisions.
The vault may also deploy assets into additional downstream protocols. Each downstream protocol is operated by independent third parties. Robinhood does not select, approve, or monitor downstream protocols and is not responsible for any losses arising from them.
This disclosure describes the principal risks of participating in onchain lending through Robinhood Earn. Your assets are held in smart contracts on a public blockchain, managed by independent third-party protocols that Robinhood does not control or operate. Robinhood cannot reverse transactions once submitted or recover your crypto assets if a protocol fails. The risks described here are not exhaustive—onchain lending is a complex and evolving area and there may be additional risks relevant to your specific circumstances. You should independently evaluate the risks before engaging in any onchain lending transaction and participating in the Robinhood Earn program.
Decentralized lending protocols do not offer the same protections as traditional savings products. There is no central institution overseeing your assets, no regulator with authority to intervene if a protocol fails, and no safety net designed to limit your losses. What happens to your assets depends on the code and third parties governing the protocol. Key differences include:
Onchain lending relies on smart contracts, which are self-executing programs that run on a public blockchain. Smart contracts can contain vulnerabilities that are difficult to detect even after security audits. If a smart contract is exploited or fails, assets held within it could be permanently lost. No party, including Robinhood, Morpho, or Steakhouse, has the ability to reverse a transaction or recover assets once a smart contract has executed.
Smart contract exploits and protocol failures have caused significant losses across the DeFi ecosystem. They are not theoretical risks and may not be contained to the protocol that experiences the hack or failure. For example, on April 18, 2026, hackers exploited a liquid ETH restaking token (rsETH) cross-chain bridge, causing 116,500 rsETH to be minted without any corresponding source-side burn on the Kelp protocol. The hackers subsequently contributed the rsETH as collateral on the Aave protocol to remove approximately $230 million worth of cryptocurrency, leaving the protocol with bad debt in that amount and many Aave users unable to withdraw their deposited cryptocurrency. Aave service providers have led an effort to raise ETH from ecosystem participants as voluntary contributions to improve the backing of rsETH to normalize market conditions again across Aave and other networks. There is no guarantee that this effort will be successful.
Onchain lending involves risks that go beyond technical failures. The financial mechanics of decentralized lending, including how liquidity is managed, how collateral is valued, how rates are set, can affect your ability to withdraw, your lending rates, and the safety of your crypto assets. The following risks are outside your and Robinhood’s control and you should understand them before participating.
Because onchain lending with Robinhood Earn operates on a public blockchain, certain risks arise from the technology itself rather than from any specific protocol or product decision. These apply any time you submit a transaction and cannot be mitigated.
Robinhood maintains an insurance policy underwritten by Lloyd’s of London and Relm that covers certain technical failures and security incidents, including cyber incidents and smart contract exploits. This policy covers Robinhood — it is not a personal policy for you and does not give you a direct right to make a claim.
If a covered event occurs, Robinhood may, but is not obligated to, use insurance proceeds to compensate affected users. However, coverage is subject to a fixed limit that is shared across all users. This means that in a large-scale event, the available funds may not be enough to make all affected users whole, and there is no guarantee you will recover your full balance or any specific amount.
This insurance does not cover lending losses. It will not protect you if crypto prices fall, if borrowers in the lending vault fail to repay, or if the protocol experiences liquidity or governance issues. The insurance is not a substitute for FDIC insurance or any government-backed insurance or protection and does not cover any individual user of Robinhood Earn.
Robinhood does not provide tax advice. You are solely responsible for determining and fulfilling your tax reporting and payment obligations in connection with your use of Robinhood Earn. Consult a qualified tax professional for guidance on reporting your onchain lending activity and understanding the tax treatment or implications of DeFi lending products. Robinhood adheres to all applicable tax reporting rules and regulations, which are subject to change.
The regulatory treatment of onchain lending and decentralized finance products is unsettled and evolving. Changes in applicable law or regulation, including new guidance, enforcement actions, or legislative developments, could affect the structure of onchain lending with Robinhood Earn, Robinhood's ability to offer it, or your ability to access or withdraw assets. Robinhood cannot predict how the regulatory environment will develop and is not responsible for any impact that regulatory changes may have on your participation in onchain lending with Robinhood Earn.
USDG is a stablecoin, which is a type of crypto designed to be redeemable 1:1 for US dollars.
You can buy USDG on Robinhood Crypto and lend it onchain via a self-custody wallet to earn yield. Robinhood Crypto lets you buy, sell, or transfer USDG, but doesn’t issue or manage its reserves.
It's a crypto wallet automatically created for you when you start lending. The wallet works seamlessly within the Robinhood app, so you don't need to manage it separately. You can export your wallet at any time in Settings if you want to manage it elsewhere.
Because it's self-custody, only you have access to or custody of the assets in your wallet, not Robinhood.
Onchain lending lets people lend and borrow crypto using smart contracts on a blockchain. Smart contracts are automated programs that follow preset rules to hold and move crypto. Lenders add crypto to a lending vault, and borrowers can use that vault by providing other crypto as collateral. What borrowers pay to use the vault is shared with lenders as yield, and the rate can go up or down.
On Robinhood, you do this using a self‑custody wallet that Robinhood helps you set up and that only you control. That wallet deposits your USDG into a Morpho lending vault. Robinhood doesn’t manage the lending vault or decide how any yield is generated.
Morpho is open-source protocol that uses smart contracts to connect people who lend crypto with people who borrow it and manage the mechanics automatically. Morpho’s lending vault is where lent USDG is supplied for borrowers who post collateral and pay to use it.
Robinhood gives you access to Morpho protocol and shows your lending balance in the app, but it doesn’t operate Morpho or control its smart contracts.
When you lend USDG, your self-custody wallet supplies it to a Morpho vault. Borrowers put up crypto as collateral and pay to access the USDG in that vault. Those payments are combined and shared with lenders like you as yield. The APY reflects what the vault is currently paying and can change over time. The APY you see is based on the Morpho lending vault rate, plus any additional Morpho rewards. Both can change over time. To access your earnings, simply withdraw the amount you want.
Yes, there's no lockup period. You can request a withdrawal from the lending vault at any time, and withdrawals are typically processed right away.
In rare cases, if many customers withdraw at once, the lending vault may not immediately have enough assets to process all requests, and your withdrawal could take longer.
Taxes related to this product are your sole responsibility and you’re responsible for reporting all items of income on your personal tax return.
Robinhood doesn’t provide tax advice. If you have questions about the appropriate tax treatment or tax implications associated with crypto lending, seek advice from a qualified tax professional.
If you want to deactivate your account, you’ll first need to close any open crypto positions and zero out your crypto lending balance.
Robinhood maintains insurance policies underwritten by Lloyd's of London and RELM that cover certain technical failures, outages, and security incidents, including cyber incidents and smart contract exploits. The insurance covers Robinhood — it is not a personal policy for you and does not give you a direct right to make a claim.
If a covered event occurs, Robinhood may use insurance proceeds for loss mitigation. However, coverage is subject to a fixed limit. This means that in a large-scale event, the available funds may not be enough to cover all losses. There is no guarantee you will recover your full balance or any specific amount.
This insurance does not cover investment losses. It will not protect you if crypto prices fall, if borrowers in the lending vault fail to repay, or if the protocol experiences liquidity or governance issues. It is not a substitute for FDIC insurance or any government-backed protection. Onchain lending deposits to the lending vault are not guaranteed, and you may lose some or all of what you deposit.
Onchain lending takes place through your self-custody wallet that you manage through integration services provided by Robinhood Non-Custodial,Ltd. (RHNC), via Morpho's lending protocol, an independent third-party protocol not affiliated with RHNC. RHNC does not custody user crypto or hold your private keys. Onchain lending is not suitable for everyone and involves substantial risk, including loss of principal, smart contract vulnerabilities, and collateral liquidation. Read the Onchain Lending Disclosure to learn more. Eligibility may vary by jurisdiction.