A new decentralized financing project, USDC.homes, offers U.S. homebuyers mortgages that allow them to purchase homes using cryptocurrency.
Cryptocurrencies such as Bitcoin (BTC), Etherium (ETH), Stablecoin USD Coin (USDC) and other popular digital assets are accepted as collateral for the loan.
With USDC.homes, homebuyers can get up to $5 million at an interest rate of 5.5%, with a down payment of 20%.
The new DeFi project is built on the Teller protocol for lending and borrowing blockchain assets.
USDC.Homes opens the door for potential homebuyers with digital assets to access mortgages that have historically been blocked in the traditional mortgage lending process,” said Teller founder and CEO Ryan Berkun.
The first such loan has already been made to a Texas resident who borrowed $500,000 to buy a $680,000 apartment. However, the loan was unsecured and based on the borrower’s credit rating.
The use of crypto-mortgage has a number of advantages, because cryptocurrency owners will not have to sell their assets, which is convenient from the point of view of taxation and fees.