Coinbase has launched a new on-chain lending product allowing users to secure loans with Ethereum as collateral. Eligible customers can borrow up to $1 million in USDC without selling their cryptocurrency, using the Morpho lending protocol on the Base chain. Initially, loans will be collateralized with WETH, transitioning to cbETH in the future. The service, which features a maximum loan-to-value ratio of 75% and triggers liquidation at 86%, is available to verified U.S. users, excluding New York State, with plans for international expansion.