# Coinbase Adds $ETH Collateral to Loans

*Author: David Christopher*
*Published: Nov 20, 2025*
*Source: https://www.bankless.com/read/news/coinbase-adds-eth-collateral-to-loans*

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Coinbase has announced the addition of $ETH on Base as collateral for its crypto-backed loans product via Morpho, joining $cbBTC.

### What's the scoop?
- **$ETH Collateral Launch:** Coinbase will allow borrowers to use $ETH holdings as collateral to borrow up to $1M — accessing liquidity without selling assets.
- **Joining $cbBTC:** The product first launched earlier this year with $cbBTC and has seen $1.2B borrowed and $1.5B in collateralized $BTC deposited in that time.
- **User Base: **Around 15K borrowers have used the service so far.
- **Future Assets:** $ETH marks the first of multiple planned collateral options Coinbase intends to add over time, with staked $ETH being available soon.

### Bankless Take:
I’ve written about the success of Coinbase’s $cbBTC loans product multiple times since the success has been quite outstanding. The $ETH launch will likely be the same given the devotion and long-term alignment of its holder base. It’s interesting to see this come as major institutions like [J.P. Morgan](https://www.bankless.com/read/news/jpmorgan-to-enable-btc-eth-backed-loans) begin to welcome $BTC and $ETH as collateral for loans themselves. It seems crypto-nativeness will be Coinbase’s competitive advantage in this case, standing out with an expanded list of accepted collateral — (staked $ETH will be big) — and onchain efficiency, which will likely rival the fees of J.P. Morgan’s offerings.
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