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Coinbase and Better fund first bitcoin-backed mortgage, plan nationwide rollout soon

Coinbase and Better fund first bitcoin-backed mortgage, plan nationwide rollout soon

Coinbase and Better said they closed the first Fannie Mae-backed U.S. mortgage using pledged Bitcoin for a down payment loan and plan a broader summer rollout that will also support USDC collateral.

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USDC

Fact Check
The claim is directly corroborated by Coinbase's own official blog post announcing it powers the first crypto-backed conforming mortgages by Better, and by The Block's detailed reporting matching every structural element of the claim (Fannie Mae conforming loan paired with a separate crypto-secured down payment loan, bitcoin pledged rather than sold). Bitcoin Magazine independently confirms, and X posts include verbatim quotes from Better CEO Vishal Garg and Coinbase's Mark Troianovski.
Summary

Better Home & Finance Holding Company and Coinbase said they have closed what they described as the first Fannie Mae-backed mortgage in the United States using pledged Bitcoin as collateral for a separate down payment loan, and plan to roll out the service more broadly this summer with support for Bitcoin and USDC. The debut loan went to Joe and Amy in Ann Arbor, Michigan, who obtained a conforming mortgage through Better while pledging Bitcoin held in Coinbase custody rather than selling their position. The structure combines a standard 15- or 30-year Fannie Mae-backed mortgage with a privately financed crypto-secured down payment loan that shares the same rate and term and is paid through one monthly bill.

Terms & Concepts
  • bitcoin-backed mortgage: A home financing structure in which pledged Bitcoin supports part of the borrowing, here through a separate down payment loan tied to a mortgage.
  • USDC: A dollar-pegged stablecoin that Better and Coinbase said can also be pledged as collateral for the down payment loan.
  • margin calls: Demands for a borrower to post more collateral when pledged assets fall in value; the companies said this product does not use them.