CoinDesk Podcast Network Coinbase Launches Borrowing Up to $1M Against Staked Ether | CoinDesk Daily
Jan 23, 2026
A new lending product lets users borrow up to $1 million using staked ETH as collateral. Discussion covers liquidity unlocked for U.S. investors and the ongoing risks of liquidation. The show also reports on Caroline Ellison’s move to a halfway house and BitGo’s IPO valuation headlines.
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Morpho-Powered Loans Preserve ETH Exposure
- Coinbase uses the Morpho protocol to let eligible U.S. customers borrow USDC against cbETH holdings.
- The product increases capital efficiency by letting investors keep ETH exposure while accessing cash.
Borrow Liquidity Without Unstaking
- Do consider borrowing against staked ETH to access cash without unstaking your assets.
- Keep your loan-to-value ratio below 86% to avoid automatic liquidation risks.
Caroline Ellison's Early Release
- Caroline Ellison was released from federal prison after serving 14 months of a two-year sentence.
- She moved to a halfway house and had forfeited $11 billion while agreeing to a 10-year corporate officer ban.