What to Know:
- Uphold plans to launch digital asset-backed loans starting in December, beginning with a rollout in Florida.
- Users will be able to borrow against XRP, Ethereum (ETH), Bitcoin (BTC), and USD Coin (USDC).
- The initiative also allows users to earn yield on specified cryptocurrencies through a seamless on-chain process.
Uphold is set to launch digital asset-backed loan services, marking a significant step in bridging traditional finance and decentralized finance (DeFi). Starting in December with a Florida rollout, users will be able to borrow against major cryptocurrencies, including XRP, Ethereum, Bitcoin, and USD Coin. This move aims to increase the utility of these digital assets and potentially drive price appreciation.
The integration with Exactly Protocol underscores Uphold’s commitment to bringing on-chain lending and borrowing to mainstream users. This initiative not only allows users to borrow against their crypto holdings but also provides an opportunity to earn yield on these assets through a fully on-chain process. The ability to spend borrowed funds instantly using a Visa credit card adds a layer of flexibility and efficiency.
This development arrives at a time of renewed confidence in the crypto market, potentially boosting the practical use cases of major cryptocurrencies. The new feature seeks to provide users with more control over their digital wealth. Uphold plans to expand the service to more U.S. states and global markets in early 2026.
This initiative signals a forward-looking approach to integrating digital assets into everyday financial transactions. By providing users with more control over their digital wealth, Uphold is contributing to the evolution of the crypto landscape. The launch of digital asset-backed loans represents a significant step toward greater adoption and integration of cryptocurrencies into the broader financial system.
Source: Original article
