Coinbase 宣布上線基於 Morpho 協議的 ETH 質押借貸產品，合格用戶可在不出售加密資產的前提下，最高借出 100 萬 USDC。該服務透過 Base 鏈運行，初期以 WETH 作為質押物，未來將支援 cbETH 等質押資產。借款額度上限為質押物市值的 75%，當質押率（LTV）達 86% 時將觸發清算，利率則由 Morpho 協議動態決定。此前 Coinbase 已推出 BTC 質押借貸產品，累計借出金額超過 12.5 億美元。

Coinbase announced the launch of an ETH collateralized lending product based on the Morpho Protocol, allowing eligible users to borrow up to 1 million USDC without selling their crypto assets. This service operates on the Base chain, using WETH as the initial collateral, and will support staked assets such as cbETH in the future. The maximum borrowing limit is 75% of the collateral's market value, and liquidation will be triggered when the Loan-to-Value (LTV) ratio reaches 86%. Interest rates are dynamically determined by the Morpho Protocol. Prior to this, Coinbase had already launched a BTC collateralized lending product, with a cumulative borrowing amount exceeding $1.25 billion.