Coinbase has introduced a new product enabling US users to access loans utilizing their Ethereum as collateral, facilitating the borrowing of USDC without the need to sell ETH. This initiative is facilitated by the Morpho lending protocol and will be available in most states, excluding New York, with rates subject to market conditions.
Users can borrow amounts reaching up to $1 million in USDC. Coinbase also aims to broaden the offering to include loans secure against their staked Ether (cbETH).
In a recent report, Coinbase has already processed over $1.25 billion in lending transactions backed by approximately $1.37 billion in collateral deposits. Currently, around $810 million in loans remain active, approximately 13,500 wallets hold active borrow positions.
The landscape for US-based crypto trading has transformed under the Trump administration’s pro-crypto policies, prompting Coinbase to expand its offerings rapidly. With several high-profile acquisitions and product launches underway, including a partnership with Citigroup aimed at integrating traditional and cryptocurrency transactions, the platform is well-equipped for further growth in this evolving market.
Related: Coinbase to roll out its new ‘DeFi Mullet’ offering in Brazil
Source: Coinbase
Source: Dune.com
