Uphold to Launch Crypto-Backed Loans in December, Starting with Florida Rollout

U.S.-based crypto firm Uphold has announced plans to launch digital asset-backed loans in December, starting with a rollout in Florida. The new lending service will allow users to borrow against major cryptocurrencies such as XRP, Ethereum (ETH), Bitcoin (BTC), and USD Coin (USDC). The move underscores Uphold’s growing commitment to expanding the practical use cases of digital assets while responding to rising market optimism.

The upcoming launch was revealed on October 28, with details shared by crypto analyst Chad Steingraber on X (formerly Twitter). The initiative comes at a time when confidence in the crypto market is steadily recovering, driven by renewed institutional interest and an improving macroeconomic environment. By enabling holders to use their digital assets as collateral, Uphold aims to offer investors more liquidity options without selling their crypto holdings — a key feature that could boost adoption among long-term holders.

Analysts suggest the move could strengthen the real-world utility of top cryptocurrencies and potentially support price appreciation. In particular, the introduction of XRP-backed loans marks a significant milestone for the XRP community, which has been anticipating broader use cases following Ripple’s regulatory clarity in the U.S. The expansion of ETH-, BTC-, and USDC-backed lending further positions Uphold as a competitive player in the growing crypto lending market.

As the company prepares for its Florida debut, industry watchers expect the program to expand nationwide in 2025. With digital asset lending gaining momentum and mainstream confidence returning, Uphold’s initiative could mark an important step toward bridging traditional finance and decentralized assets, fueling greater adoption across the global crypto economy.