Top US-Based Crypto Exchange Coinbase Announces Bitcoin (BTC)-Backed USDC Loans

The most important crypto change by buying and selling quantity in the US is launching a brand new Bitcoin (BTC)-backed lending program for US clients.

In a brand new announcement on social media platform X, Coinbase says the brand new program will permit customers to borrow USDC in opposition to BTC.

“Bitcoin-backed loans are right here.

Borrow USDC in opposition to bitcoin, with out promoting it. Rolling out to US customers (e.g. NY) to any extent further. Extra collateral belongings and areas are coming. Powered by MorphoLabs and constructed on Base.

The way forward for finance lies within the chain.”

In response to an accompanying firm blog postcustomers are free to make use of the borrowed USDC in several methods.

“You’ll be able to earn over 4% in USDC rewards, ship USDC worldwide free of charge and use it onchain. You may also convert USDC to USD 1:1 free of charge to cowl massive bills like shopping for a automotive or making a down cost in your mortgage. Borrowing in opposition to bitcoin as an alternative of promoting it may assist defer a tax achieve or loss.”

In response to Coinbase, this product is the newest within the firm’s efforts to assist clients set up themselves financially onchain.

Coinbase World Inc. (COIN) is buying and selling at $280 on the time of writing, up 1.68% within the final 24 hours.

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Featured picture: Shutterstock/RealmDrifter/Chuenmanuse