Coinbase announced that on April 20, it launched a crypto-collateralized lending service in the UK, allowing users to borrow USDC by collateralizing BTC, ETH, or cbETH. The service is built on the Morpho protocol on the Base network and supports variable interest rates, with users able to repay at any time. As of mid-April 2026, loans issued via Morpho in the U.S. market have exceeded 2.17 billion USDC. Coinbase One members can earn up to a 3.5% USDC yield reward; assets will be automatically liquidated if the collateralization ratio reaches the liquidation threshold.
Coinbase Launches Crypto Collateral Lending Service in the UK
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Summary
Coinbase has launched a crypto-collateralized lending service in the UK, marking a new on-chain development. Users can deposit BTC, ETH, or cbETH to borrow USDC via the Morpho protocol on Base, with floating interest rates and flexible repayment terms. Coinbase One members receive up to a 3.5% USDC yield. As of mid-April 2026, Morpho has issued over $2.17 billion in USDC in the U.S. Liquidations occur if collateral thresholds are breached. This crypto market update highlights growing DeFi integration.
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