Coinbase Global Inc. (Nasdaq: COIN) announced on April 20 that it has expanded its crypto-collateralized lending service to the United Kingdom. UK users can now borrow USDC instantly by pledging Bitcoin (BTC), Ether (ETH), or Coinbase Wrapped Staked ETH (cbETH) as collateral through the Coinbase app. The move marks the company's first international step after a successful launch in the United States earlier in 2025.
Service Details: Instant Liquidity, Competitive Rates, Flexible Repayment
Coinbase stated that British customers can unlock liquidity in under one minute via the app, then transfer USDC globally or convert the funds to fiat for spending. Interest rates are variable, dynamically adjusted by the open-source lending protocol Morpho, which runs on Coinbase's Base blockchain. There are no fixed repayment schedules, giving borrowers flexibility in managing their positions. For Bitcoin-backed loans, the maximum borrowing limit is up to $5 million, depending on the collateral provided. Additionally, Coinbase One subscribers can earn up to 3.5% APY in USDC rewards, enhancing the product's appeal. Currently supported collateral assets include BTC, ETH, and cbETH, with plans to expand eligibility in the future.
US Adoption Paves the Way: Lending Volumes Exceed $2.17B
The service first launched in the United States in January 2025. As of April 14, 2026, total loan originations through Coinbase on Morpho had surpassed $2.17 billion USDC. Coinbase noted that “initial interest for the service in the US has been significant,” providing a strong validation for geographic expansion. Morpho, a decentralized lending market, offers transparent on-chain credit infrastructure. Users can monitor loan health, APR changes, and liquidation thresholds in real-time before confirming any transaction.
Future Plans: More Countries and More Collateral Assets
Coinbase emphasized that it “plans to continue expanding access to crypto-backed loans in more countries in the near future.” The UK rollout is positioned as the next phase in scaling crypto-collateralized lending. In parallel, Coinbase recently added XRP, Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC) as eligible collateral, enabling loans up to $100,000 in USDC. Combined with Morpho’s on-chain liquidity, Coinbase is accelerating the adoption of decentralized credit while allowing users to access cash without selling their crypto holdings. The company’s global expansion strategy signals a growing convergence between DeFi and traditional financial services.