Morpho has reached a record $1.6 billion in USDC loans backed by cbBTC on Base, representing a 55% year-over-year increase in Bitcoin-backed borrowing. Most of this activity comes from Coinbase customers who are unknowingly using DeFi through the exchange’s interface. Borrowing costs have declined to around 5%, down from approximately 7.5% last year, while the cbBTC/USDC market shows a 90.2% utilization rate. Coinbase launched variable-rate USDC loans powered by Morpho in January 2025, adding fixed-rate Morpho Midnight loans in September 2026.
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