Major crypto exchange Coinbase is rolling out a new Bitcoin (BTC)-backed loan program for US clients.
In a new announcement on the social media platform X, Coinbase says users will be able to borrow USDC against BTC with the new program.
“Bitcoin-backed loans are here.
Borrow USDC against bitcoin, without selling it. Rolling out to US users (ex. NY) starting now. More collateral assets and regions to come. Powered by MorphoLabs and built on Base.
The future of finance is onchain.”
According to an accompanying company blog post, users are free to use the borrowed USDC in various ways.
“You can earn over 4% in USDC rewards, send USDC globally for free, and use it onchain. You can also convert USDC to USD 1:1 for free to cover major expenses like buying a car or making a downpayment on your mortgage. Borrowing against bitcoin instead of selling it, can help delay a tax gain or loss.”
Coinbase says this product is the latest in the company’s efforts to help customers establish themselves financially onchain.
Coinbase (COIN) is trading at $280 at time of writing, up 1.68% in the last 24 hours.
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