Coinbase 推出新服务，允许美国客户利用比特币 (BTC) 作为抵押品借入美元硬币 (USDC)

这项创新功能是在最近的更新中宣布的，旨在为用户提供快速灵活的资金访问权限，而无需

Coinbase expands DeFi offerings with Bitcoin-backed USDC loans Coinbase users can now borrow USD Coin (USDC) against their Bitcoin (BTC) in a new service rolling out to US customers (except those in New York).

Coinbase 通过比特币支持的 USDC 贷款扩展 DeFi 产品 Coinbase 用户现在可以通过向美国客户（纽约客户除外）推出的一项新服务，以比特币 (BTC) 来借入美元代币 (USDC)。

The new feature, announced in a recent update from the crypto exchange, is designed to give users quick and flexible access to funds without having to sell their Bitcoin.

加密货币交易所最近的更新中宣布了这项新功能，旨在让用户快速灵活地获得资金，而无需出售比特币。

Here's how the process works:

该过程的工作原理如下：

Coinbase users pledge their Bitcoin (BTC), which is then converted into cbBTC, a wrapped version of Bitcoin created by Coinbase for use in DeFi applications. This allows Bitcoin, which is normally unable to interact with DeFi protocols due to its technical framework, to be used in DeFi applications.

Coinbase 用户质押他们的比特币 (BTC)，然后将其转换为 cbBTC，cbBTC 是 Coinbase 创建的比特币包装版本，用于 DeFi 应用程序。这使得通常由于其技术框架而无法与 DeFi 协议交互的比特币可以用于 DeFi 应用。

The cbBTC is then deposited into Morpho, a DeFi lending protocol built on Coinbase's Base blockchain. In return, borrowers will receive USDC, a stablecoin pegged to the US dollar, which they can use for a variety of purposes, such as covering expenses, making international transfers, or converting it back into USD.

然后，cbBTC 存入 Morpho，这是一个基于 Coinbase 的 Base 区块链构建的 DeFi 借贷协议。作为回报，借款人将收到 USDC，这是一种与美元挂钩的稳定币，他们可以将其用于多种目的，例如支付费用、进行国际转账或将其兑换回美元。

The interest rates on these loans will be adjusted dynamically based on market activity on the Base blockchain, reflecting Coinbase's efforts to integrate DeFi with user needs.

这些贷款的利率将根据 Base 区块链上的市场活动动态调整，体现了 Coinbase 将 DeFi 与用户需求结合起来的努力。

This loan service comes at a time when the crypto lending sector has been under increased scrutiny following the high-profile bankruptcies of entities like Celsius and BlockFi in 2022, which significantly eroded trust in crypto lending.

这项贷款服务的推出正值加密货币借贷行业在 2022 年 Celsius 和 BlockFi 等实体高调破产后受到越来越严格的审查之际，这大大削弱了人们对加密货币借贷的信任。

Coinbase's integration with Morpho allows the exchange to act as an intermediary in a bid to restore some of that confidence, offering a lending experience that is transparent and driven by smart contracts.

Coinbase 与 Morpho 的整合使交易所能够充当中介机构，以恢复部分信心，提供透明且由智能合约驱动的借贷体验。

There are no fixed repayment schedules, meaning that borrowers can repay the loan at their own pace, as long as the value of the Bitcoin collateral remains above a certain threshold relative to the loan amount.

没有固定的还款时间表，这意味着借款人可以按照自己的节奏偿还贷款，只要比特币抵押品的价值相对于贷款金额保持在一定阈值以上。

However, if the value of Bitcoin drops significantly, the system will automatically liquidate enough collateral to cover the loan, ensuring the protocol remains solvent.

然而，如果比特币的价值大幅下跌，系统将自动清算足够的抵押品来偿还贷款，确保协议保持偿付能力。

The benefits of crypto-backed loans such as these include the ability for users to avoid immediate capital gains taxes by borrowing against their assets instead of selling them, and the fact that these loans operate on blockchain technology, enabling transparent and efficient processes through automation.

诸如此类的加密支持贷款的好处包括，用户能够通过以资产为抵押借款而不是出售资产来避免立即资本利得税，以及这些贷款基于区块链技术运作，通过自动化实现透明和高效的流程。