Crypto exchange Coinbase (Nasdaq: COIN) announced on social media platform X on April 30 that its bitcoin-backed loan service is now fully available to eligible customers across the United States, excluding New York.

The company stated: “As of April 30, 2025, customers can borrow up to $1M in USDC against their bitcoin to cover any of life’s expenses without selling their bitcoin.” Coinbase added:

Bitcoin-backed loans are available to all customers in the U.S., excluding New York. We’re also planning to expand BTC-backed loans to more countries.

This marks the official nationwide rollout of the offering, which launched in January and has since seen rapid uptake. According to Coinbase, customer demand has been strong: “$100M USDC borrowed in less than 100 days. Enjoy rates as low as 5% – that’s 2x lower than other crypto-backed loan options. Plus no hidden fees.”

The product enables users to access liquidity without triggering taxable events by using bitcoin as collateral. Once a loan is initiated, the bitcoin is automatically converted to cbBTC, Coinbase’s wrapped version of bitcoin, and deposited into Morpho—a decentralized lending protocol built on Base, the company’s Ethereum layer-2 network. Funds are disbursed in USDC nearly instantly, and repayment terms remain open-ended with no fixed schedule.

Coinbase is positioning this lending feature as part of a broader onchain financial ecosystem. The company emphasized the use case flexibility for borrowers:

Whether you want to make a large purchase or cover unexpected expenses, BTC-backed loans give you instant access to the cash you need. Without having to sell your bitcoin.

With dynamic interest rates tied to the Morpho protocol’s market conditions and seamless access through the Coinbase app, the exchange is aiming to streamline the borrowing process. While regulatory barriers persist in some jurisdictions, including New York, Coinbase plans to expand availability internationally, signaling its continued investment in decentralized financial infrastructure.

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