Coinbase Global Inc. (Nasdaq: COIN) announced on April 20, 2026, the expansion of its popular USDC-backed loan service to the United Kingdom, marking a significant milestone in the company's international growth strategy. The move builds on robust adoption in the United States, where the product has generated billions in loan originations since its launch in January 2025.
UK Users Gain Instant Access to USDC Liquidity
British customers can now borrow USDC instantly through the Coinbase app using Bitcoin (BTC), Ethereum (ETH), or Coinbase Wrapped Staked ETH (cbETH) as collateral at competitive interest rates. The entire borrowing process takes less than one minute, after which users can transfer USDC globally or convert it to fiat currency for everyday expenses. Coinbase One subscribers additionally earn up to 3.5% APY in USDC rewards, enhancing the product's utility.
The lending infrastructure is powered by Morpho, an open-source lending protocol operating on the Base blockchain. At launch, eligible collateral includes BTC, ETH, and cbETH, with Bitcoin-backed loan limits reaching up to $5,000,000 depending on the posted collateral. Interest rates adjust dynamically in response to market activity on Base, and there are no fixed repayment schedules, giving borrowers maximum flexibility to manage their positions.
US Success Sets the Stage: Over $2.17 Billion in Originations
The UK rollout follows measurable traction in the United States, where Coinbase first introduced the service in January 2025. By April 14, 2026, total loan originations through Coinbase on Morpho had surged to over $2.17 billion USDC, demonstrating sustained borrower demand. Coinbase noted: "The initial interest in the service in the U.S. has been significant, with total loan originations through Coinbase on Morpho growing to over $2.17B USDC as of April 14, 2026."
This momentum validates the platform's structure and provides a foundation for geographic expansion.
In the U.S. market, Coinbase has also expanded collateral options to include XRP, Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC), allowing users to borrow up to $100,000 USDC against these assets. These additions further accelerate the adoption of crypto-backed lending.
Global Ambitions: More Countries Ahead
Coinbase emphasized its commitment to broadening access to crypto-backed loans internationally. The company stated: "Coinbase plans to continue expanding access to crypto-backed loans in several more countries in the near future."
The UK launch serves as the next phase in scaling this product, positioning Coinbase to replicate proven demand across regulated markets while expanding access to on-chain financial services.
The expansion not only provides UK users with a new liquidity channel but also signals the deepening integration of DeFi with traditional finance. By leveraging decentralized protocols like Morpho, Coinbase delivers efficient on-chain credit services while maintaining regulatory compliance. As more asset classes and regions are added, Coinbase is well-positioned to become a global leader in crypto-backed lending.