Coinbase、以太坊和贷款：加密借贷的新时代？

Coinbase 以其新的以太币支持贷款掀起了波澜。深入了解细节、DeFi 集成，以及这对加密借贷的未来意味着什么。

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

Coinbase、以太坊和贷款：加密借贷的新时代？

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，提供以太坊支持的贷款，并更深入地融入 DeFi 领域。这一切都是为了在不出售加密货币的情况下获得流动性。这是内幕。

Coinbase Launches Ether-Backed Loans

Coinbase 推出以太坊支持贷款

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 为符合条件的美国用户推出了以以太币为抵押的贷款，让他们可以借到最多 100 万美元的 USDC，而无需出售 ETH。这就像获得贷款，但你的 ETH 是抵押品。该产品通过 Coinbase Base Layer 2 网络上的 Morpho 借贷协议运行，该协议允许以 Coinbase 作为用户友好的接入点进行链上贷款执行。

How It Works

它是如何运作的

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!

借款人需要密切关注贷款价值比，确保其保持在 86% 以下，以避免因 ETH 价格波动而被清算。该系统是自动化的，以保护贷方，因此请控制这些 ETH 价格！

Base Network's Lending Milestone

Base Network 的借贷里程碑

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 的链上借贷市场已处理超过 12.5 亿美元的贷款发放。该平台目前持有约 13.7 亿美元的存入抵押品，超过 13,500 个钱包在该平台上保持着活跃的借贷头寸。

DeFi Integration and Future Plans

DeFi 整合及未来计划

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 将 Morpho 集成到其主应用程序中，为用户提供高达 10.8% 的 USDC 存款收益率。未来的计划包括将 Coinbase 质押的以太币 cbETH 添加到可用的贷款抵押品选项中。

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

Tether的“无边界中央银行”及其黄金策略

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.

虽然 Coinbase 正在深入研究以太坊支持的贷款，但看看加密货币领域还发生了什么很有趣。 USDT 的发行者 Tether 正在快速积累实物黄金。截至2025年第三季度，Tether的黄金储备已达到129亿美元，超过了一些国家！ Tether 不再只是一家简单的加密货币公司。以美国国债为利润引擎，以黄金、比特币为“硬核”价值资产，正在构建前所未有的“无国界央行”体系。

The Regulatory Landscape

监管格局

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的黄金储备带来了巨额利润，但也成为其合规道路上的最大绊脚石。美国签署了《GENIUS法案》，要求稳定币发行者的储备金100%由“优质流动资产”（即美元现金或短期美国国债）支持。

Final Thoughts

最后的想法

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 进军以太坊支持的贷款领域是朝着将 DeFi 与主流加密服务整合迈出的大胆一步。无论是 ETH 贷款还是黄金储备，加密世界都在不断发展。请密切关注这些 LTV 比率和监管变化！