Summary
- Coinbase announced the launch of a USDC loan program using Bitcoin as collateral.
- U.S. users can borrow USDC using Bitcoin as collateral through the aforementioned program.
- When borrowing USDC with Bitcoin as collateral, the collateral is converted to cbBTC and sent to the Morpho protocol.
Nasdaq-listed cryptocurrency exchange Coinbase has launched a stablecoin USD Coin (USDC) loan program.
On the 17th (local time), Coinbase announced on its official website, "Users in the United States, except for New York, can now borrow USDC using Bitcoin (BTC) as collateral. More collateral assets will be added soon."
They added, "The program is provided through the on-chain lending protocol 'Morpho' built on the Base," and "When you borrow USDC with Bitcoin, the collateral is automatically converted to cbBTC and sent to the Morpho protocol."
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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