Crypto exchange Coinbase has rolled out crypto-backed USDC loans for users in the United Kingdom, allowing users to borrow USDC against Bitcoin, Ether and Coinbase Wrapped Staked Ether (cbETH). The loans are issued through Morpho, a lending protocol on Base.
According to a Monday announcement, users can borrow up to $5 million in USDC (USDC) with Bitcoin (BTC)-backed loans, depending on how much collateral a user pledges. Coinbase said interest rates are variable and set by Morpho based on market conditions on Base, suggesting that borrowing costs can…

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