Coinbase introduces on-chain lending for USDC with potential returns of 10.8% annually
Coinbase, a leading cryptocurrency exchange, has announced significant expansions in its USDC integrations, extending its reach into derivatives, Non-Fungible Tokens (NFTs), AI-driven payments, and more.
The move comes as Coinbase's USDC-linked services continue to grow, with the stablecoin becoming one of the most liquid and extensively used in the market, boasting over $73 billion in circulation.
To facilitate cross-chain interoperability, Coinbase is integrating with the Open Intents Framework. This integration is expected to enhance the versatility of USDC, making it a key player in the decentralised finance (DeFi) ecosystem.
In a bid to defend the Genius Stablecoin Act, Coinbase is facing U.S. bank pushback. However, the company remains resolute, using the integration as an opportunity to serve as a gateway to decentralised lending markets.
Coinbase's new onchain lending feature, a novel use case for USDC, is set to revolutionise the lending landscape. The feature, initially available in several countries, will offer broader access in the coming weeks.
The exchange has chosen the United States as the launchpad for the new USDC lending feature within the app. Plans are in place to expand the offer to additional regions, including parts of Europe and Asia, in the coming weeks.
Notably, Coinbase launched USDC loans backed by Bitcoin in January. The limit for these loans has been increased to $1 million, reflecting the growing confidence in the stablecoin and the demand for such services.
This strategic expansion and the introduction of innovative features underscore Coinbase's commitment to driving the adoption and utility of USDC in the digital asset space.
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