Coinbase Launches ETH-Backed On-Chain Loans with Morpho

Coinbase and Morpho have partnered to launch an Ethereum (ETH) and Wrapped Ether (WETH)-backed loan product for qualified US users, enabling borrowing up to $1 million in USDC. This new offering utilizes the Base Layer 2 network for increased loan transaction efficiency. The partnership signifies a significant step forward in DeFi’s evolution, bringing on-chain lending opportunities closer to mainstream adoption and potentially increasing ETH’s utility within decentralized financial ecosystems.