Bitcoin holders on Base are borrowing about $1.6 billion in USDC against their wrapped Bitcoin (cbBTC) via Morpho, a decentralized lending protocol on Coinbase's Layer 2 network. This growth is largely fueled by Coinbase customers who access these loans without interacting directly with DeFi platforms, as Coinbase provides a user-friendly front end while Morpho manages the lending backend. Borrowing costs have dropped from 7.5% to near 5%, and the market's high utilization rate (90%) indicates strong lender activity. The trend highlights Base as a key venue for Morpho's lending business, with future attention on how fixed-rate loans perform compared to variable rates.
Morpho's record Bitcoin-backed borrowing on Base markets is notable as it supports a $1.6 billion loan volume in USDC. For readers following the broader cryptocurrency market, here is Pluang's snapshot as of Oct 19, 2026 22:31 WIB: out of 50 major cryptocurrencies, 41 rose and 8 fell today. Notable movers include SUSHI at Rp3.914 (+3.92%, 14% Sell / 86% Buy), BCH at Rp5.033.152 (+3.85%, 77% Sell / 23% Buy), and XTZ at Rp5.477 (+3.63%, 16% Sell / 84% Buy).
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