According to ChainCatcher, Coinbase's crypto lending program launched in January 2025 has reached $2.3 billion in outstanding principal. Eligible U.S. users outside New York can collateralize Bitcoin to borrow USDC through Morpho, a decentralized lending protocol on Base. The platform expanded supported collateral to include XRP, DOGE, ADA, and LTC. As of mid-September 2026, variable-rate loans exceeded $1.4 billion, backed by approximately $3 billion in collateral.

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