# Bitcoin-Backed Borrowing on Base Reaches $1.6 Billion By John Kim Canonical URL: https://www.tokenpost.com/news/business/35043 Published: 2026-10-19T21:26:45.000Z Updated: 2026-10-19T21:26:45.000Z Section: Business > Coinbase customers account for most of the activity. Its variable-rate service uses tokenized Bitcoin as collateral for loans through Morpho. 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. ## Links in this article - [Morpho-powered borrowing service](https://www.tokenpost.com/news/business/34025)