Coinbase launches crypto-backed lending services for UK customers on Wednesday, allowing them to borrow USDC against Bitcoin, Ethereum, and cbETH using DeFi protocol Morpho as backend infrastructure. The product, which debuted in the U.S. in January 2025 and has generated over $2.17 billion in loan originations, operates on the Base network with algorithmically-set rates and no fixed repayment schedule. Coinbase avoids balance sheet risk in this model while expanding beyond its core exchange business. The launch coincides with Bitcoin reaching an 11-week high of $93,259 and Coinbase stock rising 1.8% in premarket trading, with analysts like Piper Sandler raising price targets to $180 while maintaining neutral ratings.
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