Coinbase UK USDC loans

Coinbase said on April 20 that UK customers can now borrow USD Coin, or USDC, against crypto they already hold on the exchange. (coinbase.com) The company said the loans are available against Bitcoin, Ether and Coinbase Wrapped Staked Ether, or cbETH, and that borrowed USDC is deposited into a customer’s Coinbase account. Coinbase said the product is powered by Morpho, an open-source lending protocol on Base, the company’s blockchain network. (coinbase.com) Crypto-backed borrowing works like a pawn loan for digital assets: customers lock up more crypto than they borrow, then receive a smaller amount of cash-like tokens in return. Coinbase’s help pages say the loans are overcollateralized, carry variable rates and have no fixed repayment schedule or deadline. (help.coinbase.com) Coinbase’s UK borrow page says customers can borrow up to 5,000,000 USDC against Bitcoin and up to 1,000,000 USDC against Ethereum, subject to loan-to-value limits and account transfer safeguards. The same page says the collateral is moved onchain to Morpho after the loan is opened. (coinbase.com) The launch adds a retail borrowing option in a market where Coinbase already offers a separate loans program for institutional exchange users in eligible regions. Coinbase’s exchange loans page says that institutional product covers BTC, ETH and USDC credit lines, but is not for UK retail investors. (coinbase.com) The UK rollout also extends Coinbase’s newer onchain lending push after the company shut down its older Coinbase Borrow product in November 2023. Coinbase added in a January 13, 2025 update to an earlier blog post that customers could again take out crypto-backed loans, starting with Bitcoin as collateral and using Morpho on Base. (coinbase.com) Coinbase has been expanding that lending stack beyond Bitcoin. Its current help pages say eligible customers can use Bitcoin and Ethereum as collateral, while the April 20 UK announcement adds cbETH to the list for that market. (help.coinbase.com, coinbase.com) The setup keeps customers inside Coinbase’s app and website while routing the actual loan through onchain infrastructure. Coinbase’s help pages say the company provides the interface, while Morpho sources and manages the loans permissionlessly on Base. (help.coinbase.com, coinbase.com) For UK customers who want liquidity without selling Bitcoin or Ether, Coinbase is now offering that trade in USDC through its own platform. The company said more collateral assets may be added later. (coinbase.com)