cbBTC

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Morpho

<p>Ledger has introduced Bitcoin-backed borrowing through Morpho in its wallet app, allowing eligible users to pledge cbBTC or wBTC for USDC or USDT loans.</p>
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 <div class="cn-block-summary__nav tabs"><span>Summary</span>
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   <li>Crypto Loan supports two Bitcoin collateral tokens and borrowing in USDC or USDT.</li>
   <li>Ledger says loan rates vary with lending-market use, and borrowers face liquidation risk.</li>
   <li>Morpho direct access lets users approve lending transactions through their Ledger hardware devices.</li>
   <li>A 250-unit Spurs device costs €199, with U.S. sales restricted to parts of Texas.</li>
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<p>Ledger, in a press <a href="https://ripple.com/ripple-press/ripple-and-brevan-howard-deepen-relationship/" rel="noopener noreferrer nofollow">release</a> dated Oct. 7, said Crypto Loan would begin a gradual rollout to eligible Ledger Wallet users following its unveiling at TOKEN2049 Singapore. The company described the feature as a way to borrow stablecoins against Bitcoin-linked assets without selling them or placing collateral with a centralized lending platform.</p>
<p>Through the same announcement, Ledger and Morpho introduced direct access to Morpho for Ledger hardware users, while the wallet maker also presented a limited-edition San Antonio Spurs device. Ledger said borrowing availability would depend on the user’s country, with access expanding progressively.</p>
<h2 class="wp-block-heading" id="ledger-loans-use-cbbtc-and-wbtc-as-collateral">Ledger loans use cbBTC and wBTC as collateral</h2>
<p>Under the arrangement outlined by Ledger, borrowers can pledge Coinbase Wrapped Bitcoin, or cbBTC, and Wrapped Bitcoin, or wBTC, to receive USDC or USDT. Morpho provides the decentralized lending infrastructure, while Yield.xyz handles the loan flow and position monitoring inside Ledger Wallet.</p>
<p>Within the app, Ledger said users can open a loan, check its loan-to-value ratio, add collateral, and repay the debt. The company also listed borrowing more and withdrawing eligible collateral among the actions available through the interface.</p>
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<p>Before taking out a loan, eligible users can run a simulation to explore their available options, according to the release. Ledger said key transactions would use its Clear Signing feature and require physical approval on a Ledger hardware device before execution.</p>
<p>For the borrowing product, Ledger’s terms specify variable interest rates determined by utilization in the underlying isolated lending markets. The company also states that liquidation risks apply and identifies itself as a technology provider rather than a financial adviser.</p>
<p>Ledger described the setup as self-custodial, with private keys kept offline by the hardware device and transaction approval remaining with the user. Its description separates the wallet interface, which handles access and loan management, from the signer used to authorize actions.</p>
<h2 class="wp-block-heading" id="morpho-access-adds-hardware-approval-to-lending">Morpho access adds hardware approval to lending</h2>
<p>Alongside the in-app loan feature, Ledger said its direct connection to Morpho would become available to all users on Oct. 7. The connection lets people access decentralized applications with a Ledger signer without first using a browser wallet extension or a separate software wallet, according to the company.</p>
<p>For Morpho users, Ledger said the integration supports lending and borrowing through a direct hardware connection. High-value actions, including Morpho Vault approvals, would use Clear Signing and hardware-backed authorization, the release stated.</p>
<p>Paul Frambot, Morpho’s co-founder, said the borrowing service would sit beside Ledger Earn, which already uses Morpho.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>“Crypto Loan now complements Ledger Earn, also powered by Morpho, to create a powerful liquidity flywheel within Ledger Wallet: stablecoins deposited through Earn can fund the very loans Bitcoin holders now access through Crypto Loan, all within the same self-custodial environment.”</p>
</blockquote>
<p>On the technical side, Yield.xyz CEO Serafin Lion Engel said the integration supplies transaction construction and position monitoring rather than requiring Ledger to build those functions itself. Engel described that arrangement as “the integration model we’ve built Yield.xyz around.”</p>
<p>Ledger’s release also states that its devices secure almost 30% of Bitcoin held by retail investors. The company reported more than 8 million signers sold across over 165 countries and support for more than 10 languages.</p>
<h2 class="wp-block-heading" id="earlier-morpho-products-offer-cbbtc-borrowing-and-wallet-based-lending">Earlier Morpho products offer cbBTC borrowing and wallet-based lending</h2>
<p>In a Sep. 22 report, crypto.news covered Coinbase’s introduction of <a href="https://crypto.news/coinbase-adds-fixed-rate-usdc-loans-backed-by-cbbtc/" rel="noopener noreferrer nofollow">fixed-rate cbBTC loans</a> through Morpho Midnight on Base. Coinbase said customers could select an interest rate and maturity when accepting a loan offer, alongside its existing variable-rate borrowing service.</p>
<p>At that time, Coinbase’s variable-rate product had more than $1.4 billion in outstanding loans secured by roughly $3 billion in collateral, according to figures supplied with its announcement. Those figures covered borrowing through Coinbase’s interface rather than every Morpho integration.</p>
<p>For eligible American borrowers, the same report described Coinbase’s earlier rollout to most U.S. states, with New York excluded at launch. Coinbase converts pledged Bitcoin into cbBTC and sends the token to a Morpho smart contract on Base; the company describes cbBTC as backed one-for-one by Bitcoin held in its custody.</p>
<p>On July 31, Uniswap announced <a href="https://crypto.news/uniswap-launches-earn-with-morpho-lending-vaults/" rel="noopener noreferrer nofollow">Morpho-powered lending vaults</a> through its Earn product, supporting USDC, USDT, and ETH deposits on Ethereum mainnet. According to Uniswap’s launch announcement, users could access the service through its web app and wallet, without a mandatory lockup or cooldown period.</p>
<p>In that setup, Morpho supplies the lending infrastructure, and Gauntlet curates the vaults, with interest paid by borrowers generating deposit returns. Uniswap said it charged no separate Earn fee, although users remained responsible for Ethereum transaction costs.</p>
<h2 class="wp-block-heading" id="spurs-edition-sales-are-limited-to-selected-markets">Spurs edition sales are limited to selected markets</h2>
<p>For its separate hardware announcement, Ledger said it would produce 250 Nano Gen5 Spurs Edition devices priced at €199 each. The company described the release as its first signer created for San Antonio Spurs fans and the first NBA-approved licensing deal of its kind.</p>
<p>Each unit includes an engraved Nano Gen5, custom Spurs packaging, an exclusive Spurs Badge and a $20 Bitcoin voucher, according to Ledger. The release comes one year into the companies’ partnership.</p>
<p>Under the announced schedule, Ledger said the device would debut at TOKEN2049 Singapore on Oct. 7–8, followed by a drop at Ledger Op3n in Paris on Oct. 15. Another release is scheduled in San Antonio on Oct. 20 to celebrate the Spurs’ NBA season opener.</p>
<p>Spurs chief commercial officer Frank Miceli said the collaboration gives fans another way to show their support through a team-branded product. He added that the organizations would continue exploring ways to connect with Spurs fans.</p>
<p>Under NBA licensing restrictions described by Ledger, authorized sales are limited to Singapore, Paris and Texas, excluding Dallas and Houston. Online purchases through Ledger.com are restricted to customers in the permitted Texas areas, and the company said the edition would not be sold elsewhere in the United States or Canada.</p>
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Ledger adds Bitcoin-backed loans through Morpho to its wallet app

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