Ledger Makes Onchain Loans Available to Self-Custody Users with Morpho
TLDR: Crypto Loan is now available via Ledger Wallet™. Self-custody users now have a simple way to borrow stablecoins on Morpho against their wrapped BTC holdings, integrated via Yield.xyz. It follows Stablecoin Earn, launched last year, and marks the second Morpho-powered onchain credit product available via Ledger Wallet™.
Borrow against BTC, without leaving Ledger Wallet™
Crypto Loan is a new option in Ledger Wallet™ that enables eligible self-custody users to borrow stablecoins on Morpho against their BTC holdings with Yield.xyz, directly in the app.
First Stablecoin Earn, now Crypto Loan
Ledger Wallet™ is becoming its users’ number one destination for digital assets. Crypto Loan gives self-custody users an easy way to access stablecoin liquidity against wrapped BTC holdings (WBTC and cbBTC), without leaving Ledger's secure ecosystem.
It also connects lenders and borrowers directly via Ledger Wallet™. Users supplying stablecoins through Stablecoin Earn deepen the liquidity that Crypto Loan borrowers can draw on, and borrowing demand can improve the yield Earn users receive.
The result is a flywheel for Ledger Wallet™ engagement. Users actively use their assets: monitor their positions, earn yield on their stablecoins, manage repayment, and access the other services available through the Ledger Wallet™ App. Every one of those actions drives activity through Ledger's broader ecosystem.
Fully noncustodial borrowing experience
Powered by Morpho, integrated via Yield.xyz, Crypto Loan brings noncustodial onchain loans into the secure and familiar Ledger Wallet™ experience.
Ledger users deposit wrapped BTC as collateral into Morpho Markets and borrow stablecoins from these isolated lending markets via Yield.xyz. The Morpho smart contracts receive the deposited collateral, match borrowing demand with stablecoin liquidity, and handle interest, position accounting, and liquidation mechanisms.
By design, Morpho is noncustodial. Ledger users keep control of their positions, can repay and withdraw their collateral at any time as long as their position stays healthy.
Crypto Loan starts rolling out in Ledger Wallet™ today.
