Coinbase Users Hit $2.17B in Bitcoin-Backed Loans

Coinbase users have surpassed $2.17 billion in Bitcoin-backed loans through Morpho on Base, making it one of the largest consumer-facing DeFi credit products tied to a major centralized exchange interface.

The milestone marks a significant achievement for Coinbase's loan product, which allows eligible users to borrow USDC without selling their BTC exposure. The lending activity runs onchain through Morpho, while Base provides the infrastructure layer behind the lending markets.

Morpho is the lending layer behind the product, giving Coinbase a way to offer collateralized borrowing without building a closed credit book from scratch. Over $1.4 billion of cbBTC has been collateralized on Morpho, making Coinbase's wrapped Bitcoin product a major source of onchain lending liquidity.

The same lending stack has already moved beyond Bitcoin, with Coinbase recently adding Solana-backed loans as originations topped $2.3 billion, extending the Morpho-on-Base model to more collateral types while keeping USDC as the borrowing asset.