Coinbase unveils instant loans backed by top altcoins

Coinbase now lets U.S. users (except NY) borrow up to $100K USDC using XRP, DOGE, ADA, or LTC as collateral via Morpho on Base. Loans are instant, require no credit checks, and maintain crypto exposure.

Coinbase has expanded its onchain and USDC lending services in the U.S., now enabling customers (excluding those in New York) to use XRP, Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC) as collateral. Through the decentralized finance protocol Morpho, users can instantly borrow up to $100,000 in USDC without selling their crypto, allowing them to maintain market exposure and avoid taxable events. Loans are managed on Coinbase’s Base layer-2 network, with smart contracts overseeing collateralization. No traditional credit checks are required; eligibility is determined solely by the market value of pledged assets. The service employs over-collateralization and variable interest rates to mitigate volatility risks. This move broadens access to crypto-backed credit, reinforces digital assets as financial collateral, and meets growing demand for flexible financial tools. Coinbase provides compliance and a user-friendly interface for the new service.