“Although this does not mean Fannie Mae is now accepting crypto‑backed mortgages, wider adoption of these products could serve as the catalyst that drives the GSEs to follow through on Bill Pulte’s June 2025 call to count crypto as a legitimate asset class,” he said.
Under the program, eligible borrowers pledged Bitcoin or USDC held at Coinbase as collateral for their down payment rather than liquidating it. There are no margin calls if crypto prices fall, but borrowers who missed payments for roughly two months risk having that collateral liquidated.
McWhorter said the structure still matters for a rising cohort of digital‑asset holders.
“Even if the GSEs do not budge, an offering like this opened financing avenues to the next generation: young, tech‑savvy individuals who often hold substantial cryptocurrency assets, allowing them to tap into their accumulated wealth without realizing capital gains,” he said.
FHFA’s crypto directive
In June 2025, Federal Housing Finance Agency director Bill Pulte ordered Fannie Mae and Freddie Mac to prepare a proposal for consideration of cryptocurrency as an asset for reserves in single‑family mortgage risk assessments, without requiring conversion to dollars.