Bitcoin-Backed
Loans with Morpho

As integrated by

Launch scalable, efficient & transparent financial products faster

In January 2025, Coinbase launched crypto-backed loans powered by Morpho, marking the largest-scale DeFi integration to date.

The product gives millions of users access to onchain loans without all the complexities associated with using DeFi directly. Coinbase abstracts the blockchain itself, wallets, gas fees, and wrapping, so that customers can seamlessly get USDC loans against their BTC collateral, all within the Coinbase App.

In the background, the loans are powered by Morpho, providing instant access to hundreds of millions in USDC liquidity while offering Coinbase customers the most competitive rates and loan-to-value ratios available onchain.

How does it work

Chargement...

Adoption at a glance

Adoption at a glance

cbBTC Market Cap:

cbBTC Market Cap

cbBTC Market Cap

$2.8B

$2.8B

Chargement...

Reliable infrastructure powering sustainable yield

Global liquidity

Users have access to deep liquidity and the best possible terms.

Full product control

Maintain complete ownership of underlying infrastructure and user experience.

Built-in transparency

All loan terms, collateral status, and balances are verifiable onchain 24/7.

Rapid go-to-market

Launch a product in weeks using open-source infrastructure and tooling.

Removing blockchain complexities

Coinbase Smart Wallet

Connected to their account providing access to onchain protocols

Coinbase Smart Wallet

Connected to their account providing access to onchain protocols

Passkey

More user friendly authentication method for transaction signing

Passkey

More user friendly authentication method for transaction signing

Paymaster

Allows gas fees to be paid in cbBTC, and any other token, instead of ETH.

Paymaster

Allows gas fees to be paid in cbBTC, and any other token, instead of ETH.

MagicSpend

Allows users to spend funds directly from their connected Coinbase accounts without holding funds in their wallet

MagicSpend

Allows users to spend funds directly from their connected Coinbase accounts without holding funds in their wallet

Shared global infrastructure for any lend or borrow
use case

One shared infrastructure
for any lend or borrow use case

Morpho's flexible infrastructure empowers businesses to build tailored lending or borrowing products while operating on the same open foundation, unlocking maximum efficiency through shared network effects.