In a press release issued on October 7th, Ledger stated that they have launched a Bitcoin collateral lending feature provided by Morpho within their wallet application. Eligible Ledger Wallet users can borrow stablecoins without having to sell any Bitcoin-related assets or hand over their collateral to centralized lending platforms.
Ledger said that Crypto Loan will begin to be gradually opened to eligible users after its debut at the TOKEN2049 Singapore station. The company stated that this feature allows users to borrow stablecoins by using Bitcoin-linked assets as collateral.
In the same announcement, Ledger, Morpho, and Ledger also introduced direct access to Morpho for their hardware users. Additionally, this wallet manufacturer released a limited-edition San Antonio Spurs team device. Ledger stated that the availability of the lending function will depend on the user's country and that coverage will be gradually expanded.
Ledger Loans are secured with cbBTC and wBTC as collateral.
According to the instructions of Ledger, borrowers can pledge Coinbase Wrapped Bitcoin ( cbBTC ) and Wrapped Bitcoin ( wBTC ) to borrow USDC or USDT. Morpho provides decentralized lending infrastructure, while Yield.xyz is responsible for handling the loan process and position monitoring within Ledger Wallet.
Ledger indicates that within the application, users can initiate loans, view loan-to-value ratios, add collateral, and repay debts. The company also lists other operations that can be performed through the interface, including taking out additional loans and withdrawing eligible collateral.
According to the press release, eligible users can conduct simulations before applying for loans to view the available options. Ledger mentioned that critical transactions will utilize their Clear Signing function and must be physically confirmed on a Ledger hardware device before they can be executed.
For this lending product, according to the terms stipulated by Ledger, the interest rate is a floating rate, determined by the utilization rate of the underlying isolated lending market. The company also stated that there are liquidation risks associated with the product and emphasized that they are a technology provider, not a financial advisor.
Ledger describes this scheme as a self-hosted model, where the private key is stored in an offline environment on hardware devices, and transaction approval remains under the user's control. The description separates the wallet interface from the signer; the former is responsible for access and loan management, while the latter is used for authorization operations.
Morpho Adding hardware confirmation for lending connections
In addition to the in-app lending feature, Ledger indicates that its direct connection with Morpho will be opened to all users on October 7th. The company states that this connection allows users to access decentralized applications through the Ledger signer without having to use a browser wallet extension or a separate software wallet first.
For Morpho users, Ledger indicates that this integration supports lending and borrowing through direct hardware connections. According to the press release, high-value transactions, including those approved by Morpho Vault, will utilize Clear Signing and hardware-supported authorization.
Co-founder Paul Frambot stated that this lending service will operate in parallel with Ledger Earn, while Ledger Earn has already adopted Morpho.
“Crypto Loan now complements Ledger Earn, which is also supported by Morpho. Together, they create a powerful liquidity flywheel within Ledger Wallet: The stablecoins deposited through Earn can provide funding for the loans that Bitcoin holders can obtain through Crypto Loan. All operations are completed within the same self-managed environment.”
At the technical level, Yield.xyz CEO Serafin Lion Engel stated that this integration provides transaction construction and position monitoring, rather than requiring Ledger to develop these functions on its own. Engel described this arrangement as "the integration model we have built around Yield.xyz."
The press release from Ledger also stated that their devices safeguard nearly 30% of the bitcoins held by retail investors. The company claims to have sold over 8 million signers, covering more than 165 countries and supporting over 10 languages.
The previous Morpho product has already provided cbBTC lending and wallet-based lending services.
In a report on September 22, crypto.news reported that Coinbase launched fixed-rate cbBTC loans through Morpho Midnight on Base. Coinbase stated that customers can choose the interest rate and maturity date when accepting loan offers, while also retaining their existing floating-rate lending services.
At that time, Coinbase had outstanding loans of over $1.4 billion on its floating-rate products, with collateral amounting to approximately $3 billion. The data provided by Coinbase only covers loans made through its interface and does not include all integrations with Morpho.
For eligible U.S. borrowers, the same report mentioned that this product was previously available in most states of the United States, with New York State being excluded when it was launched. Coinbase will convert the pledged Bitcoin into cbBTC and send that token to the Morpho smart contract on Base; the company will describe cbBTC as supporting the Bitcoin it manages at a 1:1 ratio.
On July 31st, Uniswap announced the launch of a lending treasury supported by Morpho through its Earn product, which allows for the deposit of USDC, USDT, and ETH on the Ethereum mainnet. According to the release from Uniswap, users can access this service through its web application and wallet without any mandatory lock-up periods or cooling-off periods.
In this scheme, Morpho provides the lending infrastructure, Gauntlet is responsible for managing the treasury, and the interest paid by borrowers generates earnings for depositors. Uniswap indicates that no separate Earn fees are charged, but users still have to bear the transaction costs of Ethereum.
Spurs version of the device is available for sale only in specific markets.
In another hardware announcement, Ledger stated that they will produce 250 units of the Nano Gen5 Spurs Edition device, with each unit priced at 199 euros. The company claims that this is their first signature device tailored for San Antonio Spurs fans, and it is also the first of its kind to have received NBA authorization for such collaboration.
According to Ledger, each device comes with a engraved Nano Gen5, customized Spurs packaging, an exclusive Spurs Badge, and a $20 Bitcoin gift voucher. This release coincides with the one-year anniversary of their collaboration.
According to the announced schedule, Ledger stated that the device will make its debut at the TOKEN2049 Singapore station on October 7th and 8th, followed by a release at the Ledger Op3n event in Paris on October 15th. Another release is scheduled for October 20th in San Antonio to celebrate the opening match of the Spurs' NBA season.
The Spurs' Chief Commercial Officer, Frank Miceli, stated that this collaboration provides fans with another way to express their support through team-themed products. He added that both parties will continue to explore ways to connect with Spurs fans.
According to the authorization restrictions specified in NBA as mentioned in Ledger, authorized sales are limited to Singapore, Paris, and Texas, but do not include Dallas and Houston. Online purchases through Ledger.com are restricted to customers in areas permitted in Texas, and the company has stated that this version will not be sold in other regions of the United States or Canada.
