Welcome Home: USDC.homes Brings Crypto Mortgages to Texas Homebuyers
The guiding motivation behind the team building Teller is fueled by recognizing the nearly endless use cases where unsecured crypto lending replaces its archaic, fiat counterpart. Staking for yield and lending for NFTs are among the most common uses of liquidity in the space today, with the market dreaming to secure bigger, off-chain assets.
Now for homebuyers in Texas, and soon for those across the country, those dreams have come true.
A New Frontier in DeFi
USDC.homes is proud to provide borrowers with crypto mortgages, funded and repaid in USDC, and enable this monumental use case for the market. For lenders, USDC.homes opens new ways of investing crypto in real estate and is supported by TrueFi, a protocol for uncollateralized lending by Trust Token.
“TrueFi is proud to support the revolutionary USDC.homes with the launch of a bespoke portfolio, allowing any qualified lender to immediately invest in real estate on the blockchain,” TrustToken CEO Rafael Cosman said.
USDC.homes offers both unsecured and secured lending options, where ETH, BTC, USDC, and other popular coins have the option to be provided as collateral. Though all transactions related to the loan take place on-chain, borrowers can include off-chain data such as their credit score when applying. Prior to USDC.homes, a home buyer would need to liquidate crypto assets for conversion into fiat and expose themselves to the damages of taxation, fees, and a loss of position.
Evening the Playing Field
For the more than 33% of people in the United States who do not have the credit required for traditional mortgage programs, USDC.homes could be an option granted cryptocurrency collateral requirements are met. USDC.homes crypto-collateral mortgages are also advantageous to international buyers, who are often required to pay in all cash.
USDC.homes allows home buyers to borrow up to $5M, financing up to 80% with a 20% down payment in cryptocurrency. A borrower has already become the first to integrate with this exciting new iteration of an age-old process, taking out a $500k mortgage for a $680k home in Austin, Tx.
“We’re excited to help our partners unveil the first DeFi-native crypto mortgage in Texas and usher in this new era of mortgage lending and borrowing. USDC.Homes empowers potential home buyers to leverage their digital asset holdings to access a mortgage, opening up the doors for crypto-natives that have historically been locked out of the traditional mortgage lending process. This innovative mortgage loan market, built on the Teller protocol, integrates a mainstream user experience with the digital asset backend infrastructure of DeFi,” said Ryan Berkun, Teller’s Founder and CEO.
While crypto has been excluded from more traditional financial systems in the past, including appraisal for a mortgage, consumer demands paired with the growing value of crypto assets are forcing change.
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