Coinbase expands on-chain lending collateral assets, adding XRP, DOGE, ADA, and LTC

According to The Block, Coinbase announced that it has added XRP, Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC) as collateral assets for its on-chain crypto collateralized lending product provided by the DeFi protocol Morpho. Eligible U.S. users (excluding New York State) can now borrow up to $100,000 USDC without having to sell the aforementioned tokens.

Previously, the product supported Bitcoin and Ethereum as collateral, with Bitcoin allowing a maximum loan of $5 million USDC and Ethereum allowing a maximum loan of $1 million USDC.

Coinbase stated that the on-chain lending service operates on the Morpho protocol on the Base network, and to date, the total loan issuance has exceeded $1.9 billion. The company charges a one-time borrowing fee, which is included in the loan principal.