New US ETH lending service supports USDC loans.
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Coinbase stated that this product is available in most US states except New York and carries variable interest rates and liquidation risks. The company plans to expand its services to include staked ETH-based lending in the future, including support for the staking ETH token cbETH.
Coinbase integrated Morpho into its Coinbase app in September, offering USDC holders up to 10.8% annualized yield. According to Dune data, Coinbase's on-chain lending marketplace has processed over $125 million in loans backed by approximately $1.37 billion in collateral. Of this, approximately $810 million is outstanding, with over 13,500 wallets holding active lending positions.
Coinbase has been accelerating its expansion strategy amid recent changes in the US regulatory landscape. Following the Trump administration's cryptocurrency-friendly policies and the passage of the GENIUS Act, which regulates stablecoins, in July, Coinbase has announced a series of new products, partnerships, and acquisitions.
In October, Coinbase acquired Echo, a community-based investment platform, for $375 million (KRW 551.1 billion). That same month, it also announced the resumption of cryptocurrency staking services for New York residents and a collaboration with Citigroup to integrate traditional finance and cryptocurrency transfer systems.
On the 10th, Coinbase launched its initial coin offering (ICO) platform for US retail investors for the first time since 2018, restoring access to regulated initial token sales. The company announced the Monad token sale as its first offering and plans to conduct approximately one new sale per month going forward.
Also on the 21st, technology researcher Jane Manchun Wong mentioned in an official X post that Coinbase appears to be testing a prediction market platform based on Kalshi support.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
