Crypto

Coinbase Partnership Fuels 133% Growth in Base's Lending Markets

Guavy AI Editorial Team Published September 23, 2026

Instruments

BTC USDC

Base's lending markets have experienced significant growth this year, driven by its partnership with Coinbase. The integration has made Base one of the most active hubs in decentralized finance. Onchain active collateral in Morpho x Coinbase vaults has increased from $1.5 billion to $3.5 billion, a 133% rise.

The partnership began in January 2025 when Coinbase launched variable-rate USDC loans against cbBTC through Morpho on Base. By May 2025, the product had reached full rollout. Then came fixed-rate bitcoin-backed loans, introduced through Morpho Midnight on September 22, 2026.

Cumulative loan originations through Morpho have surpassed $3 billion, and total deposits on the platform exceeded $5 billion by early August 2026. Coinbase's activity represents a significant share of this growth.

Coinbase Partnership Fuels 133% Growth in Base's Lending Markets

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