Coinbase has announced the launch of Ethereum-backed loans for its customers in the United States. This new feature allows users to borrow up to $1 million in USDC by using their ETH holdings as collateral, providing them with access to liquidity without having to sell their assets. This service expands on the company's existing crypto-lending offerings. The introduction of ETH-backed loans is a strategic move to deepen on-chain financial tool adoption on the platform. It caters to long-term investors who wish to leverage their holdings for short-term cash needs while retaining their investment in Ethereum. This launch follows the company's previously established Bitcoin-backed loan product. The announcement comes amidst a significant crypto market crash, with Bitcoin's price falling sharply and erasing substantial market value. Coinbase's stock also experienced a significant drop, in line with the broader market downturn affecting crypto-related equities. No market analysis was found directly linking the new loan feature to the stock's performance.