Coinbase has launched Ether-collateralized lending for users in the US, allowing customers to borrow USDC against their ETH holdings without selling, in a modern offering powered by Morpho and running on Base.
The exchange said the product is available in most U.S. states, except Recent York, with variable interest rates and liquidation risk tied to market conditions. Users can borrow up to $1 million in USDC stablecoin (USDC).
Coinbase plans to expand the program to other assets, including loans backed by staked Ether token (ETH), cbETH.
The modern product launches in partnership 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 investment.
According to Dune data, Coinbase’s onchain lending marketplaces have processed over $1.25 billion in loans, backed by approximately $1.37 billion in deposits. The outstanding loan amount is approximately $810 million and there are over 13,500 portfolios with energetic loan positions.
Related: Coinbase will launch a modern “DeFi Mullet” offering in Brazil
Coinbase Accelerates Expansion
The Trump administration’s pro-crypto stance has changed the regulatory landscape in the US. With the GENIUS Act establishing clear stablecoin rules in July, Coinbase accelerated its expansion with modern products, partnerships and acquisitions
In October, Coinbase bought Echo for $375 million. Developed by cryptocurrency investor Jordan Fish, the platform enables communities to finance early-stage projects and startups.
That same month, the exchange announced cryptocurrency staking for Recent York residents and partnered with Citigroup to support the bank streamline the way customers transfer money between cryptocurrencies and classic currencies.
On November 10, Coinbase unveiled a modern initial coin offering platform, restoring regulated access to initial token sales to U.S. retail investors for the first time since 2018. The exchange plans to record roughly one sale per month, starting with the Monad token sale on Monday.
On Thursday, technology researcher Jane Manchun Wong posted on X that Coinbase is working on a prediction market website, noting that it appears to be powered by Kalshi.
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