The product is powered by the Morpho onchain lending protocol on Base, with Coinbase providing an interface that enables users to access onchain borrowing tools directly from their accounts.
When a loan’s outstanding balance reaches 86% of the collateral’s market value, assets may be liquidated to repay the debt and cover a penalty fee. A one-time borrowing charge applies each time funds are drawn, and interest accrues on the full loan balance. The service is available across the United States, excluding New York, with plans to expand into additional markets.
FAQ ⏰ Which new cryptocurrencies can be used as collateral on Coinbase? Coinbase now allows XRP, DOGE, ADA, and LTC as eligible collateral for crypto-backed loans. How much USDC can users borrow against altcoins? Users can instantly borrow up to $100,000 in USDC against XRP, DOGE, ADA, and LTC holdings. What happens if a Coinbase crypto-backed loan reaches 86% LTV? Assets may be liquidated to repay the debt and cover a penalty fee once the loan hits 86% of collateral value. What protocol powers Coinbase’s onchain lending product? The crypto-backed loan service is powered by the Morpho onchain lending protocol on Base.
