Ledger introduced a new Crypto Loan feature on October 7, 2026, allowing eligible users of its wallet application to borrow stablecoins against wrapped Bitcoin collateral without selling their holdings or transferring assets to a centralized platform. The product was unveiled at the TOKEN2049 conference in Singapore.

Users can pledge Coinbase Wrapped Bitcoin (cbBTC) or Wrapped Bitcoin (wBTC) to obtain USDC or USDT. Loan management occurs inside the Ledger Wallet app, where participants can monitor loan-to-value ratios, add collateral, repay debt, borrow additional amounts, or withdraw eligible collateral. Key transactions require physical confirmation on a Ledger hardware device before execution.

How the Lending Service Operates

The Crypto Loan product draws on Morpho’s decentralized lending markets, with Yield.xyz providing technical support for loan construction and position monitoring. Ledger positions itself as a technology provider rather than a financial adviser. Interest rates are variable and determined by utilization levels in the underlying isolated markets. The USDC-cbBTC and USDT-wBTC markets each carry an 86 percent liquidation loan-to-value ratio.

Collateral consists of tokenized Bitcoin representations used in Ethereum-based markets rather than native Bitcoin on the Bitcoin network. Borrowers retain price exposure to Bitcoin while receiving stablecoin liquidity. A sharp decline in collateral value can trigger liquidation. Availability begins with a gradual rollout to eligible users based on jurisdiction and expands over time.

Ledger simultaneously launched direct hardware access to Morpho. Users can connect Ledger signers to the protocol without browser extensions or separate software wallets. High-value actions, including Morpho Vault approvals, use the company’s Clear Signing feature and require on-device authorization.

Market Context and Company Scale

As of October 7, Morpho reported $5.63 billion in outstanding loans and $16.94 billion in total deposits. An earlier Ledger integration for in-app stablecoin yield had already attracted more than $100 million in USDC and USDT deposits. The new borrowing option places Ledger alongside other firms expanding Bitcoin-backed credit, including Coinbase’s fixed-rate and variable-rate products built on Morpho infrastructure.

Ledger stated that its devices secure nearly 30 percent of Bitcoin held by retail investors. The company has sold more than 8 million signers across over 165 countries and supports more than 10 languages. Yield.xyz Chief Executive Serafin Lion Engel described the arrangement as consistent with the firm’s model of supplying transaction construction and monitoring rather than requiring partners to build those functions internally.

Limited-Edition Hardware Release

Alongside the lending announcement, Ledger presented a limited-edition Nano Gen5 Spurs device created with the NBA’s San Antonio Spurs. Only 250 units will be produced, each priced at approximately $223. The package includes an engraved Nano Gen5, custom Spurs packaging, an exclusive Spurs Badge, and a $20 Bitcoin voucher. Sales are restricted to Singapore, Paris, and selected areas of Texas under NBA licensing rules, with online purchases limited to permitted Texas customers.

The devices debuted at TOKEN2049 Singapore on October 7–8, followed by appearances at Ledger Op3n in Paris on October 15 and in San Antonio on October 20 to mark the Spurs’ NBA season opener. The release extends a marketing partnership announced the previous year.

Ledger described the overall Crypto Loan service as self-custodial, with private keys remaining offline on the hardware device and final transaction approval staying with the user. Borrowing rates and maximum loan-to-value levels continue to vary by asset, network, and prevailing market conditions.