On October 28, Uphold revealed plans to launch digital asset-backed loan services beginning December, starting with a Florida rollout. The initiative, highlighted by crypto commentator Chad Steingraber on X, will allow users to borrow against XRP, Ethereum (ETH), Bitcoin (BTC), and USD Coin (USDC).
The move comes amid renewed confidence in the crypto market and is expected to boost the practical use cases of major cryptocurrencies, potentially driving price appreciation.
XRP-supported loans to debut in Florida
According to the post shared, Uphold revealed it will launch the digital asset-backed loans starting in December. Meanwhile, the rollout will begin in Florida.
The development, which is coming at a time when confidence is returning to the crypto market, has further ignited optimism among investors as the move tends to propel the concerned cryptocurrency for more usage, leading to higher price surges.
Nonetheless, it is important to note that Uphold’s decision to release the crypto lending products follows its new integration with the Exactly Protocol. Thus, the launch aims to help the firm achieve its mission to bring on-chain lending and borrowing to mainstream users.
Uphold to allow users earn yield while borrowing against cryptos
Apart from the ability to borrow against XRP, ETH, BTC, and USDC, the development will also allow customers to earn yield on the specified cryptocurrencies through a seamless and fully on-chain process.
Furthermore, the product allows borrowed funds to be spent instantly using a Visa credit card, offering users a flexible and efficient way to access liquidity.
While the development has fueled a bullish momentum across the crypto community, the new feature is designed to bridge the gap between traditional finance and decentralized finance (DeFi), as it seeks to provide users with more control over their digital wealth.
While the service will only start in Florida by December, Uphold further revealed that it is planning to expand the service to more U.S. states and global markets in early 2026.
