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, Coinbase integrated Morpho into the Coinbase app, offering users a yield of up to 10.8% on their USDC holdings.
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