Coinbase launches encrypted collateralized lending service in the UK

According to Coinbase's announcement, on April 20th, Coinbase launched a cryptocurrency collateralized lending service in the UK, where users can use BTC, ETH, or cbETH as collateral to lend USDC. This service is based on the Morpho protocol on the Base network and supports floating interest rates, allowing users to repay at any time. As of mid April 2026, the US market has issued loans of over 2.17 billion USDC through Morpho. Coinbase One members can receive a maximum USDC reward of 3.5%, and assets will be automatically liquidated when the collateral ratio reaches the liquidation threshold.