Coinbase has reached $2.3 billion in crypto-backed loans outstanding as of October 17, 2026, for a product that launched in January 2025. Eligible users can post Bitcoin as collateral and borrow USDC through the Morpho decentralized lending protocol on the Base network. By mid-September 2026, variable-rate loans alone had exceeded $1.4 billion, backed by approximately $3 billion in collateral. Coinbase has expanded collateral options to include XRP, DOGE, ADA and LTC, and partnered with Better to offer crypto-collateralized conforming mortgages under Fannie Mae. Meanwhile, JPMorgan has made its JPMD tokenized deposit operational on Base for institutional use, while Citi, BNY and several UK banks are planning launches in 2027.
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