Coinbase has launched Ethereum-backed loans for U.S. users, allowing customers to borrow USDC against their held ETH without selling it. This new service is powered by Morpho and operates on Base.
The exchange stated that the product is available in most U.S. states, except New York, with floating interest rates and liquidation risks tied to market conditions. Users can borrow up to $1 million in USDC stablecoins.
Coinbase plans to expand the program to other assets, including loans backed by its staked Ethereum token cbETH.
This new product was launched in collaboration with the decentralized finance (DeFi) lending protocol Morpho. In September, Coinbase integrated Morpho into the Coinbase app, offering users up to a 10.8% yield on their held USDC.
According to Dune data, Coinbase's on-chain lending market has processed over $1.25 billion in loan disbursements, supported by approximately $1.37 billion in deposited collateral. About $810 million in loans remain outstanding, with over 13,500 wallets holding active borrowing positions.
The Trump administration's supportive stance on cryptocurrency has reshaped the regulatory landscape in the U.S. With the GENIUS Act establishing clear stablecoin rules in July, Coinbase has accelerated its expansion, launching new products, partnerships, and acquisitions.
In October, Coinbase acquired Echo for $375 million. The platform, developed by cryptocurrency investor Jordan Fish, enables the community to fund early projects and startups.
In the same month, the exchange announced cryptocurrency staking services for residents in the New York area and partnered with Citigroup to help the bank streamline the way customers transfer funds between cryptocurrencies and traditional currencies.
On November 10, Coinbase launched a new initial token offering platform, restoring regulatory access for U.S. retail investors to initial token sales for the first time since 2018. The exchange plans to list approximately one sale per month, starting with Monad's token sale on Monday.
On Thursday, tech researcher Jane Manchun Wong posted on X that Coinbase is developing a prediction market website, noting that it appears to be supported by Kalshi.
Related: Aave and Chainlink ETP rank among 21Shares' six new listings in Europe.
Original: “Coinbase launches Ethereum (ETH) backed loans, on-chain loan total surpasses $1.25 billion”
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