Coinbase announced on November 20, 2025, the rollout of ETH-backed loans for eligible U.S. users excluding New York residents, allowing them to borrow up to $1 million in USDC against their Ethereum holdings without selling the asset.
This feature, powered by the on-chain lending protocol Morpho and deployed on Coinbase’s Base Layer 2 network, integrates seamlessly into the Coinbase app interface while leveraging DeFi infrastructure for execution.
Users deposit ETH as wrapped ETH or WETH to receive USDC instantly. The maximum loan-to-value (LTV) ratio is 75%, with liquidation triggered at 86% to mitigate volatility risks.
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No Fixed Repayment: Loans have variable interest rates and no set due date, as long as the LTV remains healthy—ideal for users seeking liquidity for investments, diversification, or expenses without triggering taxable events.
Support for staked ETH converted to Coinbase’s cbETH is coming soon, building on the existing BTC-backed loan product, which recently increased its cap to $5 million.
Coinbase’s overall on-chain lending has already originated over $1.25 billion in loans against $1.38 billion in collateral, with $810 million outstanding across 13,500+ active wallets.
This move deepens Coinbase’s CeDeFi centralized-decentralized finance offerings, bridging traditional borrowing with blockchain assets. It follows the BTC loan launch earlier in 2025 and signals broader asset support ahead, potentially accelerating ETH’s utility in real-world finance.
Community reactions on X highlight excitement around tax-efficient liquidity and DeFi accessibility, with posts noting the “CeDeFi bank” potential.
Polymarket Odds on Monad’s MON Token Opening Below $3B FDV Surpass 50%
Prediction market platform Polymarket has seen the odds for Monad’s upcoming MON token launching with a fully diluted valuation (FDV) below $3 billion exceed 50% as of November 21, 2025.
This threshold crossing reflects growing trader skepticism amid Monad’s public sale hype and pre-market dynamics.
$3B bin shows exactly 50% “Yes” probability for FDV exceeding $3 billion one day post-launch implying 50% chance of below. Broader bins indicate: $2B FDV: ~60-70% “Yes” suggesting ~30-40% below $2B. Public sale commitments: 93% chance of >$300M total, 83% for >$400M, but only 40% for >$600M—hinting at tempered expectations for overall valuation.
The high-performance EVM-compatible Layer 1 chain is running a public token sale on Coinbase, with pre-market trading hitting recent lows. Traders are betting on launch by mid-2026 if not sooner, but volatility in commitments (e.g., arbitrage opportunities across platforms like Kalshi) has pushed lower-FDV outcomes into focus.
X discussions tie this to broader L1 token fatigue, with some viewing the 50%+ odds for sub-$3B as a hedge signal against overvaluation. No airdrop is confirmed yet, but bets on one by November 25 stand at low odds ~10-20%.
These developments underscore crypto’s maturing prediction ecosystem, where platforms like Polymarket aggregate crowd wisdom on tokenomics.