Add as a preferred source on GoogleSpark Supplies $408 Million in USDC to Morpho’s Base Market
The vault supplied 23% of the cbBTC/USDC market’s listed supply in an Oct. 20 snapshot.
Spark’s vault supplied $408.33 million in USD Coin (USDC) to Morpho’s cbBTC/USDC lending market on Base, representing 23% of its listed supply in a snapshot taken Tuesday evening.
At 6:59 p.m. ET (22:59 UTC) Oct. 20, the vault held 408,438,641.19 USDC. The market showed about $1.8 billion in total size and $1.59 billion in outstanding loans.
At 23%, Spark’s vault represented nearly one-quarter of the listed USDC supply, making its allocation material to liquidity for borrowers and lenders. A shift in that position could change how much USDC remains available in the pool.
The market lets borrowers take USDC loans against Coinbase Wrapped Bitcoin (cbBTC) collateral. The market sets liquidation loan-to-value at 86%; a loan may be liquidated when its debt reaches 86% of the collateral’s value.
Coinbase introduced crypto-backed USDC loans powered by Morpho on Base on Jan. 16, 2025, with pledged Bitcoin (BTC) converted into cbBTC collateral. The market was created Sept. 4, 2024.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.