Both let you borrow against Bitcoin without selling, but they handle the two things that matter most, the rate and what happens in a downturn, very differently. Coinbase's loan is a decentralized finance (DeFi) product with a Coinbase front end; SALT is a centralized lender with multi-year terms and a stabilization mechanism instead of a forced sale.
This is an independent comparison, not advice. Coinbase figures are a snapshot because its rate floats; SALT figures are verified weekly.
The core difference
SALT holds your Bitcoin in its own pool (it does not re-lend it), lends US dollars at a fixed rate, and offers 1, 3, and 5-year terms. Crucially, an uncured margin call triggers stabilization, not a forced sale: SALT converts your Bitcoin to USDC to lock in its value and leaves the loan in place. Coinbase wraps your Bitcoin to cbBTC, supplies it to a Morpho market on Base, pays USDC, and liquidates automatically on-chain with no cure window. Our CeFi vs DeFi guide covers the broader distinction.
Where they differ
- Rate. Coinbase is usually cheaper on the headline number (around 5 to 6 percent, variable, no ceiling) than SALT (around 7.49 to 10.50 percent, fixed, no origination fee). Coinbase's floats; SALT's is locked for the term.
- What you receive. SALT pays US dollars. Coinbase pays USDC, a stablecoin you convert yourself.
- Downside handling. This is the sharpest contrast. SALT stabilizes (converts to USDC, keeps the loan open) rather than force-selling; Coinbase liquidates automatically at about 86 percent loan-to-value. SALT's stabilization carries a 3 percent fee plus 2 percent to convert back and locks in a downturn price; Coinbase's liquidation is immediate with a penalty around 4.38 percent.
- Terms. SALT offers 1, 3, and 5-year fixed terms. Coinbase is open-ended with no fixed maturity.
- Speed. Coinbase funds in about a minute; SALT in 1 to 2 days.
Who picks which
Lean SALT if you want US dollars, a fixed rate, long multi-year terms, and a margin-call process that does not force-sell your Bitcoin. Lean Coinbase if you want the lowest available rate and near-instant funding, you are comfortable with USDC and automatic liquidation, and you already hold Bitcoin on Coinbase.
How we cover each
Read our Coinbase loan review and SALT review for the full detail, including SALT's stabilization mechanics. See where SALT's rate sits across the market in the BoB Bitcoin Loan Rate Index, and compare every US lender in our main comparison.