Do I need to have USDC or MXNB to activate?

Yes. Vaults is available for people who already have a USDC or MXNB balance in their Bitso account. If you don't have either yet, you'll need to buy or deposit one of these assets before you can use the product.

How does transferring USDC or MXNB to Vaults work?

Once you accept terms and conditions, a non-custodial wallet, under your name, will be created for you, the first time you activate Vaults. After creation of this embedded wallet, all the USDCs or MXNB you move into Vaults, will be transferred there. No recovery phrases or technical setup are needed on your end. From there, Vaults will start generating yield for you through Morpho.