Coinbase 推出比特幣支援貸款，讓用戶在不出售 BTC 資產的情況下借入 USDC

該服務由開源借貸協議 Morpho 提供支持，並建立在 Base 區塊鏈上，可供紐約州以外的美國客戶使用。

Coinbase has introduced a new service that allows users to borrow USDC stablecoin against their Bitcoin (BTC) holdings without having to sell their crypto. The service is powered by the open-source lending protocol Morpho and built on the Base blockchain.

Coinbase 推出了一項新服務，讓用戶可以用其持有的比特幣 (BTC) 借入 USDC 穩定幣，而無需出售其加密貨幣。該服務由開源借貸協議 Morpho 提供支持，並建立在 Base 區塊鏈上。

Coinbase US customers (except those in New York State) can now borrow against their Bitcoin

Coinbase 美國客戶（紐約州除外）現在可以用比特幣借款

In a post on X (Twitter), Coinbase announced the launch of Bitcoin-backed loans, a service that enables US customers (excluding New York State) to borrow USDC against their Bitcoin holdings, without having to sell their BTC. The service is powered by Morpho Labs and built on Base, offering users the ability to delay potential tax implications and easily access funds.

在 X（Twitter）上的一篇文章中，Coinbase 宣布推出比特幣支援貸款，這項服務使美國客戶（不包括紐約州）能夠以其持有的比特幣借入 USDC，而無需出售其 BTC。該服務由 Morpho Labs 提供支援並基於 Base 構建，使用戶能夠延遲潛在的稅務影響並輕鬆獲得資金。

“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 @BaseLayerIV. The future of finance is onchain,” Coinbase stated in its announcement.

「比特幣支持的貸款就在這裡。以比特幣為抵押借入 USDC，但無需出售。從現在開始向美國用戶（例如紐約）推出。更多抵押資產和地區即將到來。由 @MorphoLabs 提供支持，並基於 @BaseLayerIV 構建。金融的未來是在鏈上的。

In a follow-up blog, Coinbase highlights the advantages of its new offering, including the ability to delay potential tax implications by allowing users to borrow against Bitcoin rather than selling it. The company also points to the seamless integration of on-chain protocols like Morpho and Base, which makes accessing financial services faster and more intuitive.

在後續部落格中，Coinbase 強調了其新產品的優勢，包括透過允許用戶借用比特幣而不是出售比特幣來推遲潛在的稅收影響。該公司還指出，Morpho 和 Base 等鏈上協議的無縫集成，使得存取金融服務變得更快、更直觀。

“This is another major step toward empowering our customers with greater control over their financial lives,” an excerpt in the blog reads.

部落格中的摘錄寫道：“這是讓我們的客戶更好地控制自己的財務生活的另一個重要步驟。”

Coinbase’s USDC loan facility: How does it work?

Coinbase 的 USDC 貸款工具：如何運作？

Coinbase’s USDC loan facility allows users to pledge Bitcoin (BTC) as collateral. The BTC is converted to Coinbase’s Bitcoin wrapper, cbBTC, at a 1:1 ratio and transferred to Morpho’s smart contracts. In return, users receive USDC, which can be used in various ways. For starters, users earn over 4% in rewards and can send it globally without any costs.

Coinbase 的 USDC 貸款工具允許用戶質押比特幣 (BTC) 作為抵押品。 BTC 以 1:1 的比例轉換為 Coinbase 的比特幣包裝器 cbBTC，並轉移到 Morpho 的智慧合約。作為回報，用戶會收到 USDC，可以透過多種方式使用。首先，用戶可以獲得超過 4% 的獎勵，並且可以免費發送到全球。

Moreover, users can convert USDC to USD for significant expenses, like car purchases or mortgage down payments. Coinbase also streamlined the process, allowing users to borrow up to $100,000 in USDC, depending on the value of their Bitcoin collateral.

此外，用戶可以將 USDC 兌換成美元以支付大筆費用，例如購買汽車或抵押貸款首付。 Coinbase 也簡化了流程，讓用戶借入最多 10 萬美元的 USDC，具體取決於其比特幣抵押品的價值。

Community members express concerns over centralization, variable interest rates

社區成員對中心化、可變利率表示擔憂

According to the blog, interest rates are variable, with Morpho determining the factor automatically based on market conditions. There is no fixed repayment schedule, making it flexible. However, failure to maintain the collateral’s value relative to the loan triggers automatic liquidation. This technicality has drawn mixed reactions from the crypto community.

根據該博客，利率是可變的，Morpho 根據市場狀況自動確定該因素。沒有固定的還款時間表，因此靈活。然而，如果未能維持抵押品相對於貸款的價值，則會觸發自動清算。這種技術性引起了加密貨幣社群的不同反應。

“This is going to be a huge grab. People put their BTC up as collateral and then some event happens that triggers a dump in price resulting in auto-liquidation and you no longer own your Bitcoin, Coinbase does,” Kurt Knapp, a popular user on X, remarked.

「這將是一次巨大的搶奪。人們將他們的 BTC 作為抵押品，然後發生一些事件，觸發價格暴跌，導致自動清算，你不再擁有你的比特幣，Coinbase 卻擁有它，」X 上的熱門用戶 Kurt Knapp 評論道。

Others expressed concerns about centralization risks and the variable interest rates, citing a deviation from the decentralized ethos of DeFi.

其他人則表達了對中心化風險和可變利率的擔憂，理由是這與 DeFi 的去中心化精神背道而馳。

“This sounds convenient for Coinbase users…but centralization and variable interest rates miss the mark for serious DeFi users who value decentralization and cost efficiency,” said Ashley, a proponent for decentralization.

「這對Coinbase 用戶來說聽起來很方便……但對於重視去中心化和成本效率的嚴肅DeFi 用戶來說，中心化和可變利率並沒有達到目標，」去中心化支持者阿什利( Ashley) 表示。

Taken together, these concerns, among others, center on centralization and market volatility. Variable interest rates, recalculated every few seconds, could add unpredictability for borrowers.

總的來說，這些擔憂主要集中在中心化和市場波動上。每隔幾秒鐘重新計算一次的可變利率可能會增加借款人的不可預測性。

“Coinbase says they’re re-starting “Bitcoin loans,” but read the fine print. Coinbase is just the middle man. They wrap bitcoin into cbBTC and deploy it into an Ethereum-based DeFi lending protocol called Morpho. I would not touch this product with a 10 ft pole,” another user added.

“Coinbase 表示他們正在重新啟動“比特幣貸款”，但請閱讀細則。 Coinbase 只是中間人。他們將比特幣包裝成 cbBTC，並將其部署到基於以太坊的 DeFi 借貸協議 Morpho 中。我不會用 10 英尺長的桿子碰這個產品。

Additionally, the risk of liquidation during market downturns presents a significant drawback. If the value of Bitcoin plummets, borrowers could lose their collateral, potentially leading to substantial financial losses. Thomas Young, a technology innovation researcher, has also flagged concerns about taxable events with this offering.

此外，市場低迷期間的清算風險也是一個重大缺陷。如果比特幣的價值暴跌，借款人可能會失去抵押品，從而可能導致重大財務損失。技術創新研究員 Thomas Young 也表達了對該產品應稅事件的擔憂。

As the platform rolls out this service and explores new markets, its ability to address these concerns could determine the product’s success. Meanwhile, while the service is currently limited to the US, Coinbase has plans to expand globally.

隨著平台推出這項服務並探索新市場，其解決這些問題的能力可能決定產品的成功。同時，雖然該服務目前僅限於美國，但 Coinbase 計劃向全球擴張。

The EU is likely the next market due to the alignment of USDC with MiCA regulations. Coinbase’s recent strides towards regulatory clarity in Europe position the EU as the exchange’s potential next target market amid plans to scale this offering internationally.

由於 USDC 與 MiCA 法規的一致性，歐盟可能是下一個市場。 Coinbase 最近在歐洲監管透明度方面取得了長足進步，該交易所計劃將其產品擴展到國際市場，從而將歐盟定位為該交易所的下一個潛在目標市場。