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International Business Times

Business

Marvie Basilan

MYSTERIOUS: Coinbase takes defi mainstream with bitcoin backed usdc loans | Mind Blowing Facts

Coinbase Bitcoin United States

Coinbase now offers Bitcoin-backed $USDC loans. (Credit: Coinbase)

KEY POINTS

For now, the loans will utilize Bitcoin as collateral but Coinbase plans to add more assets in the future
Base open-source lending protocol Morpho will calculate interest rates based on market conditions
Users can convert $USDC to USD 1:1 for free for major expenses such as car purchases or mortgage payments

Cryptocurrency exchange giant Coinbase today announced the launch of its Bitcoin-backed USDC loans powered by Morpho, an open-source lending protocol on Base that's also the first decentralized finance (DeFi) offering at this scale, marking a major step toward providing customers with more control over their finances through the power of onchain technology.

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