Bitcoin-Backed Borrowing on Base Reaches $1.6 Billion

Coinbase customers account for most of the $1.6 billion borrowed against Bitcoin (BTC) on Base, putting a figure on the network’s growing use for decentralized lending.

For Coinbase’s variable-rate product, BTC collateral is converted into Coinbase Wrapped Bitcoin (cbBTC) for use in Morpho markets, and borrowers receive USD Coin (USDC). Borrowers use Coinbase’s service without interacting directly with Morpho.

The Morpho-powered borrowing service is available to verified U.S. customers outside New York with eligible crypto collateral. Coinbase also launched a fixed-rate, fixed-term crypto-backed borrowing option through Morpho Midnight on Base on Sept. 22, 2026, allowing borrowers to set borrowing costs and repayment dates in advance.