Bitcoin loans are back in focus after Blockchain.com rolled out a global product letting users borrow against BTC▲$61,207.00, ETH▲$1,583.96 and USDC▼$0.9996.
Blockchain.com, the crypto wallet and exchange company, launched a global crypto-backed lending product for users who want to borrow without selling their cryptocurrencies.
The company said in a May 14 press release that its crypto-backed loans product will let clients use cryptocurrencies as collateral, with annual rates starting at 1.9%.
- But Blockchain.com’s starting rate appears to be lower than current USDC borrowing rates on Aave, the DeFi lending protocol.
- For instance, Aave’s USDC borrow rate on Base is around 4.36%, though rates can change quickly.
The product lets users borrow against assets including Bitcoin, Ethereum and Circle’s USDC stablecoin, per the press release, but it’s not clear whether users can borrow fiat directly.
Crypto Lending Returns After Blowups
The launch comes after the collapse of giant crypto lenders such as Celsius, BlockFi and Voyager. The risk is still fresh because Celsius founder Alexander Mashinsky was permanently banned in April from promoting crypto products under an FTC order tied to a $4.72 billion judgment.
But Blockchain.com argues the broader crypto-backed lending market has still passed $70 billion, and the company is trying to win share with lower pricing and in-house infrastructure. The company’s head Peter Smith claims crypto-backed lending had been “one of the most requested products” on the platform.
Founded in 2011, Blockchain.com says it operates across more than 70 jurisdictions and has processed more than $1.2 trillion in transactions.
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