Summary
- Coinbase said it has launched a service in the UK that allows users to borrow USDC against crypto assets as collateral.
- Users can borrow up to $5 million in USDC against BTC, ETH and cbETH, with automatic liquidation triggered if the loan-to-value ratio threshold is breached.
- The service runs on Morpho and Coinbase’s layer-2 blockchain Base, and the company plans to expand it to additional countries.
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Coinbase has launched a service in the UK that allows users to borrow the dollar-pegged stablecoin USDC against crypto collateral.
The Block reported on April 20 that UK users can borrow USDC by posting Bitcoin, Ether and cbETH as collateral.
The service is built on Morpho and operates on Base, Coinbase’s layer-2 blockchain. Users can borrow up to $5 million of USDC.
There is no fixed repayment deadline. Loans are automatically liquidated if the loan-to-value ratio exceeds the threshold.
Coinbase said it plans to expand the service to additional countries.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
