Coinbase adds XRP, Dogecoin, Cardano, and Litecoin as collateral for on-chain loans with Morpho

In comparison, Coinbase added XRP, Dogecoin, Cardano, and Litecoin as collateral for on-chain loans through Morpho. This expansion allows eligible US customers (excluding New York customers) to borrow up to $100,000 in USDC by collateral using four types of crypto assets as collateral without selling their holdings.

Coinbase first launched an on-chain loan product last year, initially supporting Bitcoin and later Ethereum. Users can borrow up to $5 million in USDC with Bitcoin, or up to $1 million in USDC with Ethereum. According to company data, the product has so far enabled more than 1.9 billion US dollars in loan disbursements. These loans are powered by the Morpho Lending Protocol based on the Base platform, and Coinbase provides a user interface to access the protocol. The Coinbase website shows that every time a customer borrows a loan (even if it is an addition to an existing loan), a one-time fee is charged, which will be included in the principal amount of the loan.