Overview
- Coinbase expanded its crypto-backed lending to the UK on Monday, letting eligible users borrow USDC without selling Bitcoin, Ether or cbETH.
- Loans run through Morpho on Base, which locks collateral on-chain, sets variable rates that update each block, and triggers automated liquidations if risk thresholds are breached.
- Bitcoin-backed borrowing can reach up to $5 million according to Coinbase, while coverage notes lower caps for ETH near $1 million depending on collateral.
- Approved funds post to the user’s Coinbase account within seconds, where they can be converted to pounds or moved on-chain, and there is no fixed repayment schedule.
- Coinbase reports $2.17 billion in prior USDC originations as of April 14 and frames the UK launch as part of a broader FCA-registered push that recently added GBP savings and DEX access, with more countries on deck.