Coinbase said eligible users can now borrow USDC against PAX Gold (PAXG) inside its app, powered by Morpho on Base.
What's the Scoop?
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The Product: Holders unlock USDC without selling the gold. Coinbase added PAXG as a new collateral type on Morpho rather than building a separate lending product; Steakhouse curated the market.
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The Scale: Coinbase Borrow already takes crypto like BTC and ETH as collateral. Morpho says that Coinbase hookup already holds about $3.4B in collateral and more than $1.7B in active loans. Coinbase said the gold loans are available in the U.S. except New York.
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The Terms: The Morpho market lists a 77% liquidation loan-to-value, and The Defiant called out that loan-health prices update only during gold-market hours. If you're looking for fixed-rate BTC loans, checkl out our piece on Morpho Midnight.
The Product: Holders unlock USDC without selling the gold. Coinbase added PAXG as a new collateral type on Morpho rather than building a separate lending product; Steakhouse curated the market.
The Scale: Coinbase Borrow already takes crypto like BTC and ETH as collateral. Morpho says that Coinbase hookup already holds about $3.4B in collateral and more than $1.7B in active loans. Coinbase said the gold loans are available in the U.S. except New York.
The Terms: The Morpho market lists a 77% liquidation loan-to-value, and The Defiant called out that loan-health prices update only during gold-market hours. If you're looking for fixed-rate BTC loans, checkl out our piece on Morpho Midnight.
