BTC gets a 60% haircut in this structure: $250k pledged for a $100k down-payment loan, with the coins locked in Better’s Coinbase Prime account until that second loan is repaid. No-margin-call design matters less than the default trigger: market moves alone don’t force liquidation, but a 60-day payment delinquency can turn the collateral into a taxable sale. If this GSE box expands beyond BTC/USDC, Coinbase becomes infrastructure for household collateral, with KYC custody as the tollbooth.

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