Nook

Nook (Nook App, Inc) operates a consumer mobile application that gives everyday savers access to stablecoin lending yields. Users deposit cash through Coinbase, Plaid bank connections, Apple Pay or a debit card; the funds are converted into USDC, a stablecoin the company describes as pegged 1:1 to the U.S. dollar, and then allocated to on-chain money markets where they are matched with over-collateralized borrowers. Interest accrues continuously, with earnings said to update every 16 seconds, and users can initiate a withdrawal at any time subject to underlying market liquidity and provider processing; the company states there are no lockups or early-exit fees imposed by Nook.

The product presents a selection of "earning markets" or vaults that users choose between, with more than ten markets supported and the ability to move between them. Nook's documentation describes classification of DeFi vaults into "Core" and "Frontier" categories, curator profiles, multi-allocation across sources, earnings boosts, batched claim-and-swap, a partner data portal and a beta "Covered Earning Sources" feature. Specific integrations referenced include a Spark Morpho vault and a World Chain vault. The company states its partner protocols are audited, meet collateralization and liquidity requirements, and are rated "Good" or higher by Exponential Fi.

Nook is explicit that it is not a bank and that deposits are not FDIC-insured, and it identifies smart-contract bugs, stablecoin depegging and liquidity issues in the underlying DeFi markets as the principal risks. Its documentation site states Nook does not take a cut or fee from the interest paid by borrowers.