SAN FRANCISCO, CA — Uphold, a provider of on-chain financial services infrastructure, has introduced instant cash loans against cryptocurrency holdings through the Exactly DeFi Protocol. Retail customers in the United States can now borrow against their crypto portfolios—using Bitcoin, Ethereum, XRP, or USDC as collateral—without needing to sell any assets.

Once a loan is confirmed on the Exactly Protocol, USDC is deposited into the user's Uphold account within minutes. Borrowers may optionally convert USDC to USD at a 1:1 ratio with no spread for the first $20,000 per calendar month; conversions beyond that threshold carry standard market bid/ask spreads. There is no minimum borrowing amount.

Key features of the loan program include:

• No credit checks required
• Fixed-rate terms locked in at the time of borrowing, with APR starting at 4.28%
• Flexible repayment dates with no early repayment penalties
• The option to defer the full loan amount, including interest, to a later date

The launch builds on Uphold's growing suite of products aimed at positioning cryptocurrency as a practical financial tool. A recent study cited by the company found that 67 million Americans—approximately one in four adults—currently own cryptocurrency.

The launch arrives as crypto-backed lending seeks to rebuild following a turbulent period. In 2022, several major centralized crypto lenders—including Celsius Network and BlockFi—filed for bankruptcy amid broader market turmoil, prompting heightened regulatory scrutiny of platforms that pooled and re-lent customer deposits. Unlike those centralized models, the Exactly Protocol operates through smart contracts on-chain, and Uphold states it does not rehypothecate customer assets.

"Many people now have significant wealth tied up in digital assets," said Simon McLoughlin, CEO of Uphold. "Getting quick access to these funds in the form of cash usually means selling holdings which forces a trade-off between short-term needs and the desire to keep assets over the long term. Through the Exactly Protocol, we are able to provide access to instant liquidity, allowing users to access the value of their crypto holdings in order to make everyday purchases or cover an unexpected expense, without having to sell them."

Loans are offered through the Exactly Protocol and accessed within the Uphold app alongside the Exa Credit Card. This gives Uphold customers two distinct borrowing options: they can either borrow funds to spend via the credit card or receive USDC directly in their Uphold account, with the ability to convert it into USD.

Uphold provides infrastructure for on-chain payments, banking, and investments across Consumer Services, Business Services, and Institutional Trading. The company serves customers in more than 140 countries and integrates with over 30 trading venues—including both centralized and decentralized exchanges—to deliver liquidity and execution.

The company states that it never loans out customer assets except at customer request and maintains 100% reserves. Uphold publishes its assets and liabilities every 30 seconds on a public transparency page ().

Regulatory details: Uphold is regulated in the U.S. by FinCEN and state regulators, registered in the UK with the FCA, and registered in Europe with the Bank of Portugal. Securities products and services are offered by Uphold Securities, Inc., a broker-dealer registered with the SEC and a member of FINRA and SIPC. Crypto-backed lending products have drawn varied regulatory treatment at the state level, and the limited state availability of the new loan service reflects that patchwork of jurisdictional requirements.

The service is available in select U.S. states. Terms apply. Loans are offered through the Exactly Protocol; Uphold does not control or manage the Exactly Protocol and is not responsible for assets once transferred to it. Availability and borrowing capacity depend on eligibility, collateral asset, collateral value, and credit health. Deferring payments may result in higher total payments over the life of a loan, and late payments will accrue default interest.