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At a glance
- What changed
- Crypto Loan, the in-app stablecoin borrowing feature backed by wrapped Bitcoin, is now fully rolled out in Ledger Wallet.
- Who it affects
- Ledger Wallet users in supported countries who hold Bitcoin and want stablecoin liquidity without selling it.
- When
- Ledger announced the full rollout on 28 October 2026; the feature first appeared in the 7 October release.
What Ledger announced
Ledger posted on its official X account on 28 October 2026 that Crypto Loan is now fully rolled out in Ledger Wallet. The pitch is short: keep your Bitcoin, get your liquidity. Users can take a stablecoin loan backed by their BTC without leaving the wallet app, with Morpho providing the lending markets and Yield.xyz providing the integration.
We covered the feature when it first appeared in Ledger's October release notes on 7 October. The new post does not change how the product works. What changes is reach: the word "fully" signals that the feature is no longer limited to part of the user base, so anyone on a current version of Ledger Wallet in a supported country should now find it.
How the loan works in the app
The 27-second launch video walks through the flow. An introduction screen says there are no credit checks and no bank approval: you deposit wrapped BTC and borrow stablecoins. A simulation screen then asks for a loan amount in USDC, shows the wBTC collateral required and lets you adjust the loan-to-value ratio, which is how much you borrow compared with what your collateral is worth.
The loan itself takes three signed steps: enable borrowing on Morpho, approve Morpho's request to access your collateral, and authorize the deposit to receive the stablecoins. Ledger's message is that every step is checked on the screen of your Ledger signer, so you can see what you approve before the coins move.
The demo screens in the video show loans starting at 3.22% APY and borrowing of up to 86% of collateral value. Treat those as the figures in Ledger's promotional footage, not a quote: the thread itself says rates move with market demand.
The conditions Ledger attaches
A follow-up post spells out the fine print. Crypto Loan is subject to country availability, and Ledger has not published a full list of countries. Interest rates are variable and depend on how much of each underlying isolated lending market is already borrowed. Liquidation risks apply, meaning collateral can be sold to repay the debt if its value falls too far. Ledger also stresses that it is a technology provider and does not give financial advice.
Our take
Borrowing against Bitcoin can make sense if you need dollars for a while and do not want to sell, but the loan only stays safe while BTC holds up. A hardware signer protects your keys; it cannot protect the collateral from a price drop. Borrowing well below the maximum gives you room to add collateral or repay before a liquidation. Our 7 October article explains the wrapped-Bitcoin requirement, the setup fee and repayment in more detail.
The borrowed stablecoins land in your Ledger account. If you would rather keep a separate everyday wallet for spending USDC, Phantom also holds it; its code is in the box at the end of this page.
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