Users can borrow up to $1 million in USDC against their Ether as Coinbase expands its Base-powered network, which has processed $1.25 billion in loans.
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Coinbase has launched Ether-backed loans for US users, allowing customers to borrow USDC against their ETH holdings without selling, in a new offering powered by Morpho and running on Base.
The exchange said the product is available across most US states, except New York, with variable rates and liquidation risk tied to market conditions. Users can borrow up to $1 million in USDC () stablecoin.
Coinbase plans to expand the program to other assets, including loans backed by its staked Ether () token, cbETH.
The new product is being launched in collaboration with Morpho, a decentralized finance (DeFi) lending protocol. In September, into the Coinbase app, offering users a yield of up to 10.8% on their USDC holdings.
According to data, Coinbase’s onchain lending markets have processed more than $1.25 billion in loan originations, backed by about $1.37 billion in deposited collateral. Roughly $810 million in loans is outstanding, with more than 13,500 wallets holding active borrow positions.
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The Trump administration’s has reshaped the US regulatory landscape. With the establishing clear stablecoin rules in July, Coinbase has accelerated its expansion, rolling out new products, partnerships and acquisitions
In October, . The platform, developed by crypto investor Jordan Fish, enables communities to fund early-stage projects and startups.
That same month, the exchange announced and to help the bank streamline how clients move money between crypto and traditional currencies.
On Nov. 10, for initial coin offerings, restoring regulated access to initial token sales for US retail investors for the first time since 2018. The exchange plans to list roughly one sale per month, beginning with Monad’s token sale on Monday.
On Thursday, tech researcher Jane Manchun Wong posted on X that Coinbase is working on a , noting that it appears to be backed by Kalshi.
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