# Coinbase Enables Borrowing Against Gold via Morpho

*Author: David Christopher*
*Published: Nov 6, 2026*
*Source: https://www.bankless.com/read/news/coinbase-enables-borrowing-against-gold-via-morpho*

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Coinbase [said](https://x.com/coinbase/status/2118727681886105975) eligible users can now borrow USDC against PAX Gold (PAXG) inside its app, powered by Morpho on Base. 

## What's the Scoop?

- **The Product:** Holders unlock USDC without selling the gold. Coinbase added PAXG as a new collateral type on Morpho rather than building a separate lending product; Steakhouse [curated](https://x.com/SteakhouseFi/status/2118729430730494082) the market. 

- **The Scale:** Coinbase Borrow already takes crypto like BTC and ETH as collateral. Morpho says that Coinbase hookup already holds about $3.4B in collateral and more than $1.7B in active loans. Coinbase [said](https://x.com/coinbase/status/2118730034105991551) the gold loans are available in the U.S. except New York. 

- **The Terms:** The Morpho market lists a 77% liquidation loan-to-value, and The Defiant [called out](https://thedefiant.io/news/defi/coinbase-opens-usdc-borrowing-against-pax-gold) that loan-health prices update only during gold-market hours. If you’re looking for fixed-rate BTC loans, checkl out our piece on [Morpho Midnight](https://www.bankless.com/read/news/coinbase-rolls-out-fixed-rate-bitcoin-loans-via-morpho-midnight).
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