Coinbase launches ETH-backed loans as onchain lending tops $1.25B

Coinbase has launched Ether-backed loans for US users, allowing customers to get USDC against their ETH holdings without selling, successful a caller offering powered by Morpho and moving connected Base.

The speech said the merchandise is disposable crossed astir US states, but New York, with adaptable rates and liquidation hazard tied to marketplace conditions. Users tin get up to $1 cardinal successful USDC (USDC) stablecoin.

Source: Coinbase

Coinbase plans to grow the programme to different assets, including loans backed by its staked Ether (ETH) token, cbETH.

The caller merchandise is being launched successful collaboration with Morpho, a decentralized concern (DeFi) lending protocol. In September, Coinbase integrated Morpho into the Coinbase app, offering users a output of up to 10.8% connected their USDC holdings.

According to Dune data, Coinbase’s onchain lending markets person processed much than $1.25 cardinal successful indebtedness originations, backed by astir $1.37 cardinal successful deposited collateral. Roughly $810 cardinal successful loans is outstanding, with much than 13,500 wallets holding progressive get positions. 

Source: Dune.com

Related: Coinbase to rotation retired its caller ‘DeFi Mullet’ offering successful Brazil

Coinbase accelerates expansion

The Trump administration’s pro-crypto stance has reshaped the US regulatory landscape. With the GENIUS Act establishing wide stablecoin rules successful July, Coinbase has accelerated its expansion, rolling retired caller products, partnerships and acquisitions 

In October, Coinbase bought Echo for $375 million. The platform, developed by crypto capitalist Jordan Fish, enables communities to money early-stage projects and startups. 

That aforesaid month, the speech announced crypto staking for New York residents and teamed up with Citigroup to assistance the slope streamline however clients determination wealth betwixt crypto and accepted currencies.

On Nov. 10, Coinbase unveiled a caller platform for archetypal coin offerings, restoring regulated entree to archetypal token income for US retail investors for the archetypal clip since 2018. The speech plans to database astir 1 merchantability per month, opening with Monad’s token merchantability connected Monday.

On Thursday, tech researcher Jane Manchun Wong posted connected X that Coinbase is moving connected a prediction marketplace website, noting that it appears to beryllium backed by Kalshi.

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