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...

Everything you need from backend infrastructure

Open-source

Significantly reduce development time and costs using open and highly efficient infrastructure.

Global liquidity

Plug into a shared network to give users access to deep liquidity and competitive rates from day one.

Resilient financial primitives

Use battle-tested liquidation mechanisms, automated interest accounting, and adaptive interest rates.

Ultimate product flexibility

Build custom user experiences with full control and no external governance. White-label or highlight 'Powered by Morpho’.

Secure immutable code

Secure immutable code

Minimal, heavily-audited, and formally verified non-upgradeable smart contracts that guarantee long-term stability.

Transparency

Everything is verifiable onchain: the amount borrowed, total collateral, position health, interest rate, liquidation mechanism, etc.

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

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

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.

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

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.