Coinbase Bitcoin-Backed Loans

Bitcoin Loans

Coinbase re-entered the lending market in January 2025 with onchain Bitcoin-backed USDC loans powered by the Morpho protocol on the Base blockchain. Borrowers can receive up to $1 million in USDC against BTC collateral at variable rates as low as 5–6% — roughly 2x cheaper than competing CeFi products — with no monthly payments and no repayment deadline. The product originated over $1.2 billion in USDC loans within months of its April 2025 full rollout, available to verified U.S. customers excluding New York.

Details

Lender: Coinbase
Ltv Max: 40%
Notable: Coinbase re-launched Bitcoin-backed loans in 2024 powered by Morpho Labs; US retail
Regions: US (excl. New York)
Loan Type: custodial collateralized
Bitcoin Only: No
Founded Year: 2012
Min Loan Usd: 100
Custody Model: Bitcoin held by Coinbase
Interest Rate: 8% APR
Max Ltv Percent: 75
Interest Rate Range: 5%–8% variable (market-determined)
Accepts Btc Collateral: Yes

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