Coinbase、以太坊和貸款：加密借貸的新時代？

Coinbase 以其新的以太幣支持貸款掀起了波瀾。深入了解細節、DeFi 集成，以及這對加密借貸的未來意味著什麼。

Coinbase, Ether, and Loans: A New Era of Crypto Lending?

Coinbase、以太坊和貸款：加密借貸的新時代？

Coinbase is stepping up its game, offering Ether-backed loans and integrating deeper into the DeFi space. It's all about accessing liquidity without selling your crypto. Here's the lowdown.

Coinbase 正在加大力度，提供以太坊支持的貸款，並更深入地融入 DeFi 領域。這一切都是為了在不出售加密貨幣的情況下獲得流動性。這是內幕。

Coinbase Launches Ether-Backed Loans

Coinbase 推出以太坊支持貸款

Coinbase has launched Ether-backed loans for eligible U.S. users, letting them borrow up to $1 million in USDC without having to sell their ETH. It’s like getting a loan, but your ETH is the collateral. This product operates through the Morpho lending protocol on Coinbase’s Base Layer 2 network, which enables onchain execution of loans with Coinbase serving as a user-friendly access point.

Coinbase 為符合條件的美國用戶推出了以以太幣為抵押的貸款，讓他們可以藉到最多 100 萬美元的 USDC，而無需出售 ETH。這就像獲得貸款，但你的 ETH 是抵押品。該產品通過 Coinbase Base Layer 2 網絡上的 Morpho 借貸協議運行，該協議允許以 Coinbase 作為用戶友好的接入點進行鏈上貸款執行。

How It Works

它是如何運作的

Borrowers need to keep an eye on that loan-to-value ratio, making sure it stays below 86% to avoid liquidation due to ETH price swings. The system is automated to protect lenders, so keep those ETH prices in check!

借款人需要密切關注貸款價值比，確保其保持在 86% 以下，以避免因 ETH 價格波動而被清算。該系統是自動化的，以保護貸方，因此請控制這些 ETH 價格！

Base Network's Lending Milestone

Base Network 的借貸里程碑

Coinbase's onchain lending markets have processed over $1.25 billion in loan originations. The platform currently holds approximately $1.37 billion in deposited collateral, with over 13,500 wallets maintaining active borrowing positions on the platform.

Coinbase 的鏈上借貸市場已處理超過 12.5 億美元的貸款發放。該平台目前持有約 13.7 億美元的存入抵押品，超過 13,500 個錢包在該平台上保持著活躍的借貸頭寸。

DeFi Integration and Future Plans

DeFi 整合及未來計劃

Coinbase integrated Morpho into its main app, providing users with yields reaching 10.8% on USDC deposits. Future plans include adding cbETH, Coinbase’s staked Ether token, to available loan collateral options.

Coinbase 將 Morpho 集成到其主應用程序中，為用戶提供高達 10.8% 的 USDC 存款收益率。未來的計劃包括將 Coinbase 質押的以太幣 cbETH 添加到可用的貸款抵押品選項中。

Tether's "Borderless Central Bank" and Its Gold Strategy

Tether的“無邊界中央銀行”及其黃金策略

While Coinbase is diving into Ether-backed loans, it's interesting to see what else is happening in the crypto space. Tether, the issuer of USDT, is accumulating physical gold at a rapid pace. As of Q3 2025, Tether’s gold reserves have reached $12.9 billion, surpassing those of some countries! Tether is no longer just a simple cryptocurrency company. By using US Treasuries as a profit engine and gold and bitcoin as "hardcore" value assets, it is building an unprecedented "borderless central bank" system.

雖然 Coinbase 正在深入研究以太坊支持的貸款，但看看加密貨幣領域還發生了什麼很有趣。 USDT 的發行者 Tether 正在快速積累實物黃金。截至2025年第三季度，Tether的黃金儲備已達到129億美元，超過了一些國家！ Tether 不再只是一家簡單的加密貨幣公司。以美國國債為利潤引擎，以黃金、比特幣為“硬核”價值資產，正在構建前所未有的“無國界央行”體系。

The Regulatory Landscape

監管格局

Tether's gold reserves have brought massive profits but have also become its biggest stumbling block on the path to compliance. The US signed the GENIUS Act, which requires stablecoin issuers to have reserves 100% backed by "high-quality liquid assets," i.e., US dollar cash or short-term US Treasuries.

Tether的黃金儲備帶來了巨額利潤，但也成為其合規道路上的最大絆腳石。美國簽署了《GENIUS法案》，要求穩定幣發行者的儲備金100%由“優質流動資產”（即美元現金或短期美國國債）支持。

Final Thoughts

最後的想法

Coinbase's move into Ether-backed loans is a bold step toward integrating DeFi with mainstream crypto services. Whether it's ETH loans or gold reserves, the crypto world keeps evolving. Keep an eye on those LTV ratios and regulatory changes!

Coinbase 進軍以太坊支持的貸款領域是朝著將 DeFi 與主流加密服務整合邁出的大膽一步。無論是 ETH 貸款還是黃金儲備，加密世界都在不斷發展。密切關注那些 LTV 比率和監管變化！