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

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.

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 (USDC) stablecoin.

Coinbase plans to expand the program to other assets, including loans backed by its staked Ether (ETH) token, cbETH.

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