Coinbase Raises Bitcoin-Backed USDC Loan Limit to $1 Million, Excluding New York, After $130 Million in Originations

Coinbase has fully rolled out its Bitcoin-backed loan product to all U.S. users except those in New York. The platform now allows users to instantly borrow up to $1 million in USD Coin (USDC) using Bitcoin as collateral.

The lending product is powered by Morpho and is built on the Base blockchain. Since its launch, the service has seen over $100 million in active loans in less than 100 days and $130 million in loan originations this year.

Coinbase offers an annual percentage yield (APY) of 12% on USDC in perpetual accounts associated with the service. Other platforms such as Bybit are also raising borrowing limits to meet growing demand.

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