Cryptocurrency backed mortgage loans are a step forward or just a drop in the bucket? Today, Coinbase announced that it can use BTC or USDC as collateral for down payment loans for buying a house, and together with Better, launch a so-called cryptocurrency based home mortgage loan. On the surface, this may seem like a step for on chain assets to move towards the real world, but upon closer inspection, the terms are actually very disappointing. Because if Bitcoin is used as collateral, the initial collateral value must reach at least 250% of the down payment loan amount, which means that $250000 in BTC can only be exchanged for $100000 in cash. If USDC is used, the initial collateral ratio also needs to be 125%, which means that $125000 USDC can be exchanged for $100000 in cash, essentially using more and more liquid assets to exchange for less USD funds. You should know that BTC can easily obtain around 65% of the loan amount even on the chain or centralized exchanges. And USDC can be directly converted into USD, why bother taking off your pants once?? Not to mention that these two assets can still earn some staking income on the chain or exchange. And this is not just a mortgage, but an additional down payment loan supported by encrypted assets in addition to traditional mortgages, which adds another layer of leverage while buying a house. Although the official emphasizes that price fluctuations themselves will not trigger additional margin and collateral will only be disposed of after a 60 day overdue period, the problem is that these BTC and USDC are not in the hands of the users themselves before the loan is fully repaid, but enter a third-party custody system, making it difficult to ensure smooth 100% redemption. If there are problems, there is no mention of how to compensate or at what level of compensation. This product is more like packaging "not selling coins, not triggering tax events" as an innovative selling point, but from the perspective of fund efficiency, asset control, and extreme liability boundaries, it cannot be said to be very attractive. Talking to people is more like a product designed for storytelling, rather than a truly user-friendly financing tool. Bitget VIP， Lower rates and more generous benefits