Trezor Brings Stablecoin Yield Directly to Hardware Wallet Users

How the feature works inside Trezor Suite

The feature is accessed through a new Earn tab that appeared with the Suite v26.5.2 update . Users must run this version or newer to see the tab. Once inside, the process follows Trezor's long-standing commitment to explicit human verification: every action—deposit, withdrawal, and reward claim—is translated into clear, readable transaction details and must be physically approved by pressing a button on the Trezor device . There is no blind signing. At no point does the user surrender their private key or seed phrase; the assets remain under full self-custody, held inside the Morpho vaults but controlled exclusively by the user's hardware wallet .

Trezor has not added lockups or mandatory waiting periods. In typical conditions, users can deposit and withdraw freely. In rare situations where Morpho's lending markets are operating at very high utilization, a short delay could occur before a withdrawal is processed, but the design does not enforce a fixed lockup period .

The security model and acknowledged risks

The underlying smart contracts powering Morpho have been audited by multiple independent security firms, with the reports made publicly available . Trezor describes the vaults as optimized for "stable, low-risk returns" . The hardware wallet maker, however, is transparent that no amount of auditing eliminates all risk. The feature documentation explicitly calls out three hazards users accept when they deposit: smart contract risk, liquidity risk, and stablecoin depeg risk . These are standard warnings in DeFi and function as an acknowledgment that the yield is not risk-free despite being accessed through a security-first hardware wallet. Trezor also takes a 10% performance fee on the yield earned, with no additional management fee . As of launch, the feature supports desktop users, with full mobile support indicated for later in 2026 .

Why the U.S. GENIUS Act does not block this model

The U.S. GENIUS Act, signed into law in July 2025 (P.L. 119-27), established a federal regulatory framework for payment stablecoins . Section 4 of the Act states that no permitted payment stablecoin issuer or foreign payment stablecoin issuer shall pay any form of interest or yield to stablecoin holders solely in connection with holding, using, or retaining the stablecoin . The Office of the Comptroller of the Currency (OCC) strengthened this in its February 2026 Notice of Proposed Rulemaking by adding a rebuttable presumption that certain affiliate or related third-party arrangements that effectively pay yield could also be treated as prohibited evasion .

Crucially, this prohibition is aimed squarely at issuers like Circle (USDC) and Tether (USDT). It does not bar an independent third-party lending protocol from using its smart contracts to match lenders and borrowers. When a Trezor user deposits USDC into the USDC Prime vault on Morpho, the yield comes from borrowers paying interest on that lending market—not from Circle or Tether making a payment to the holder . The stablecoin issuer never touches the yield side of the transaction. Several legal analyses have highlighted that the statute prohibits yield paid by the issuer and leaves room for yield structures that rely on decentralized finance protocols, a point noted in reviews of the legislation .

This architecture is precisely why Trezor's feature can operate within the current U.S. stablecoin framework. The company is not issuing a stablecoin or paying yield on one; it is providing a carefully integrated gateway to a DeFi lending protocol where yield is generated by market activity. The distinction between issuer-paid interest and third-party protocol yield is the legal seam that makes the product viable .