Morpho Surpasses $5B in Deposits on Coinbase's Base Network

Morpho, a decentralized credit protocol, has surpassed $5 billion in deposits on Coinbase's Base network, representing more than 70% of all active deposits on that blockchain. This milestone marks an inflection point for onchain finance and positions Base as the protocol's largest deployment network, surpassing even Ethereum.

The protocol arrived on Base in May 2024 with total deposits reaching only $1.8 billion. Today, that figure stands at $6.8 billion, a significant increase since its original deployment proposal. The team behind Morpho maintained that Base concentrated the sufficient density of users and developers needed to become the backbone of onchain credit at a global scale.

The quantitative leap came in January 2025 when Coinbase launched its crypto-backed loans on Morpho's infrastructure, dubbed the 'DeFi Mullet.' This model combines fintech distribution with open infrastructure. By May 2025, this product had accumulated more than $1.3 billion in active debt in USDC, backed by $2.5 billion in cbBTC deposited in Morpho.

The ecosystem benefits asset issuers, with approximately 39% of all cbBTC in circulation across chains deposited in Morpho, including 82% of the cbBTC present on Base. Stablecoin deposits on Base are at all-time highs, with Circle and Ethena as the leading issuers.