MORPHO · 2026-11-06 15:31 UTC

Coinbase and Morpho bring gold-backed loans to millions of users

Coinbase Borrow now lets users borrow stablecoins against tokenized gold (PAXG, issued by Paxos) via a new USDC|PAXG market on Morpho on Base. Gold is the first non-crypto collateral asset in Coinbase Borrow, joining BTC, ETH, XRP and SOL. The Coinbase-Morpho integration holds roughly $3.4B of collateral and $1.7B+ in active loans; gold is described as a roughly $30 trillion asset class with only about $5 billion tokenized onchain.

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