Coinbase’s outstanding balance of crypto-backed loans has reached $2.3 billion. The product launched in January 2025. Eligible U.S. users outside New York State can use Bitcoin as collateral to borrow USDC without selling their holdings. Loans are routed through the Morpho decentralized lending protocol on the Base network. On September 22, Coinbase added fixed-rate loans through Morpho Midnight, expanding eligible collateral to XRP, DOGE, ADA, and LTC. As of mid-September 2026, floating-rate loans exceeded $1.4 billion, backed by around $3 billion in collateral. JPMorgan’s JPMD tokenized deposits began operating on Base for institutions in mid-2026. Citi and BNY Mellon are also advancing related initiatives, while several UK banks plan to launch related networks in 2027.

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