Coinbase users can now borrow USDC against bitcoin at a fixed rate
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Fixed-rate bitcoin-backed loans aren’t new, with lenders like Ledn and SATL Lending offering them for years. What Coinbase has done stands out because it runs onchain, through a DeFi app and inside a mainstream consumer app.
Morpho’s co-founder and CEO Paul Frambot said that Morpho and Coinbase’s joint products have been immensely successful and now they are focusing on scaling those.
“We’re now building on that foundation and starting to scale: new loan types and use cases, bringing onchain credit one step closer to the scale and diversity of global credit markets,” he said on X.
The bitcoin-backed credit market is currently sized at roughly $16 billion, according to the Bitcoin Digital Credit Report compiled by Apyx and . Per some estimates, it is expected to grow to $130 billion by 2030 as preferred equity structures scale.
There is interest among holders to put their BTC to use. Early this year, Protocol Theory surveyed 1,244 cryptocurrency holders across the U.S. and Australia between February and March 2026 and found that 88% of respondents said they would consider taking out a crypto-backed loan or credit product.
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