Uncollateralized DeFi mortgage taken out on Austin condo via Teller

A new homeowner has bought an apartment in Austin, Texas through a program that allows crypto holders to take out traditional irregular mortgages based on their credit score.

The USDC.homes crypto mortgage platform has issued its first crypto loan to an Austin resident who bought a $ 680,000 condo with a $ 500,000 loan issued in USD Coin (USDC) stablecoin through the Polygon (MATIC) network.

This new platform integrates traditional debt market practices such as qualifying with new decentralized finance (DeFi) innovations, such as cryptocurrency stacking, to help pay off balances using a borrower's credit score.