Coinbase closes first Fannie Mae mortgage using Bitcoin
Coinbase closed the first U.S. Fannie Mae‑backed mortgage secured with Bitcoin or USDC, originated and serviced by Better on Coinbase infrastructure; nationwide rollout planned for summer.
Coinbase announced in a June 4 post that the first Fannie Mae‑backed mortgage in the U.S. secured with Bitcoin or the stablecoin USDC has closed. Better originated and will service the loan using Coinbase’s infrastructure. A nationwide rollout is scheduled for later this summer.
The product pairs a standard Fannie Mae conforming mortgage for the property with a separate down‑payment loan collateralized by the borrower’s crypto holdings. Borrowers pledge Bitcoin or USDC to secure the second loan while retaining ownership of the assets. The crypto collateral remains in custody for the life of the obligation and is returned when the loan is repaid. The program offers 15‑year and 30‑year fixed‑rate mortgage options.
The structure does not use cryptocurrency to buy homes directly. Instead, it provides cash for a down payment backed by crypto collateral, allowing borrowers to keep exposure to any future price changes in their digital assets.
Coinbase has set collateral requirements for the down‑payment loans: Bitcoin‑backed loans require collateral valued at least 250% of the loan amount. That requirement relies on ongoing collateral monitoring and includes margin‑call and liquidation mechanics over the life of the loan.
Regulatory treatment of crypto as housing finance collateral remains unresolved. It is not yet clear how the product would perform during sharp crypto price swings or housing market stress, or how consumer protections and underwriting would scale beyond early crypto‑native borrowers. The planned nationwide rollout this summer will show whether demand extends to a broader set of homebuyers.
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