Top US-Based Crypto Exchange Coinbase Announces Bitcoin (BTC)-Backed USDC Loans

The highest crypto alternate by buying and selling quantity in the US is launching a brand new Bitcoin (BTC)-backed mortgage program for US shoppers.

In a brand new announcement to the social media platform X, Coinbase says customers will be capable of borrow USDC in opposition to BTC with the brand new program.

“Bitcoin-backed loans are right here.

Borrow USDC in opposition to bitcoin, with out promoting it. Rolling out to US customers (ex. NY) beginning now. Extra collateral property and areas to return. Powered by MorphoLabs and constructed on Base.

The way forward for finance is onchain.”

In line with an accompanying firm blog post, customers will probably be free to make use of the borrowed USDC in varied methods.

“You’ll be able to earn over 4% in USDC rewards, ship USDC globally at no cost, and use it onchain. It’s also possible to convert USDC to USD 1:1 at no cost to cowl main bills like shopping for a automotive or making a downpayment in your mortgage. Borrowing in opposition to bitcoin as an alternative of promoting it, can assist delay a tax achieve or loss.”

In line with Coinbase, this product is the newest within the firm’s efforts to assist prospects set up themselves financially onchain.

Coinbase World Inc. (COIN) is buying and selling for $280 at time of writing, up 1.68% within the final 24 hours.

Do not Miss a Beat – Subscribe to get electronic mail alerts delivered on to your inbox

Examine Worth Motion

Comply with us on X, Facebook and Telegram

Surf The Each day Hodl Combine

Featured Picture: Shutterstock/RealmDrifter/Chuenmanuse