Economist Peter Schiff, writing on the X platform, stated that crypto-backed mortgage structures could significantly increase the cost of homeownership. Borrowers would not only have to pay traditional mortgage interest but also the interest on a "second loan" secured by crypto assets. This model essentially amounts to 100% financing the property, amplifying leverage and potentially increasing overall default risk. Previously, Coinbase launched its first compliant crypto-backed mortgage product, allowing users to use Bitcoin or USDC in their Coinbase accounts as collateral for down payments on home purchases.