Coinbase Rolls Out Morpho-Powered Bitcoin-Backed Loans Up to $1 Million for US Users Excluding New York

Coinbase has fully rolled out its Bitcoin-backed loan service to all US users except those in New York, allowing instant borrowing of up to $1 million in USDC. The lending product is powered by Morpho, which has helped scale the decentralized finance (DeFi) backend to support over $100 million in active loans within less than 100 days. This service enables users to access liquidity without selling their cryptocurrency holdings. The market currently has $176 million in outstanding borrows, and the per-person loan capacity has increased tenfold. Spark Finance, the largest liquidity provider, has billions in capacity to meet the rising demand for these on-chain loans. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io