Coinbase loans and USDC lending on Morpho
When you borrow USDC against crypto in the Coinbase app, or lend your USDC for a yield, the money moves through Morpho, an open lending protocol on the Base network. Because everything happens on a public blockchain, anyone can see the live rates, how much is borrowed and what backs it. This page gathers those numbers in one place.
Data from Morpho's API · updated
Bitcoin loan rate
4.80%
variable, borrowing USDC against cbBTC
Borrowed through these markets
$1.65B
8 loan markets on Base
Collateral behind the loans
$3.67B
2.23x the amount borrowed
Lend USDC, Core tier
3.22%
net APY after fees
Borrow rates for Coinbase's crypto-backed loans
Variable rates that move with demand, live from each Morpho market
| Collateral | Borrow APY now | Borrowed |
|---|---|---|
| BitcoincbBTC collateral · USDC loan | 4.80% | $1.48B$3.22B collateral |
| EtherWETH collateral · USDC loan | 4.84% | $88.79M$210.8M collateral |
| XRPcbXRP collateral · USDC loan | 6.12% | $52.74M$159.3M collateral |
| Coinbase staked ETHcbETH collateral · USDC loan | 4.84% | $13.02M$34.47M collateral |
| SolanaSOL collateral · USDC loan | 5.57% | $5.97M$19.29M collateral |
| DogecoincbDOGE collateral · USDC loan | 5.99% | $2.41M$7.49M collateral |
| CardanocbADA collateral · USDC loan | 6.22% | $2.14M$7.62M collateral |
| LitecoincbLTC collateral · USDC loan | 9.26% | $1.05M$3.35M collateral |
Coinbase loan calculator: your liquidation price and interest cost. The 30-day average is the exact figure borrowers paid for Bitcoin and ETH loans (tracked by Morpho Watch) and Morpho's own 30-day figure for the others. Coinbase lets you borrow only up to a lower loan-to-value than the "liquidated at" level: The Block reported a 75% maximum in November 2025. That gap is your safety buffer before a price drop triggers liquidation and its penalty.
Fixed-rate Bitcoin loans
Added by Coinbase on September 22, 2026, through Morpho Midnight
Repay by Oct 30, 2026
5.31%
best fixed borrow rate on offer · 34 days left
Repay by Nov 27, 2026
5.75%
best fixed borrow rate on offer · 62 days left
Repay by Dec 25, 2026
4.83%
best fixed borrow rate on offer · 90 days left
A fixed-rate loan locks the rate until a set repayment date. For loans due Oct 30, 2026, the best rate lenders are offering right now is 5.31% a year. These markets were matched to Coinbase's product from public on-chain data. How Midnight fixed-rate loans work.
Lend USDC
Coinbase's USDC lending deposits into these Steakhouse Financial vaults on Base
Core tier
Steakhouse USDC3.22%
net APY after the 25% fee · $126.7M deposited
$126.6M can be withdrawn right now. The 30-day average was 3.25%.
High Yield tier
Steakhouse High Yield USDC Edition2.84%
net APY after the 25% fee · $442.8M deposited
$39.89M can be withdrawn right now. The 30-day average was 2.87%.
Coinbase and Morpho: quick answers
Does Coinbase use Morpho?
Yes. Coinbase's crypto-backed USDC loans and its USDC lending both run on Morpho, on the Base network. Coinbase launched the loans in January 2025 and USDC lending in September 2025.
What is the Coinbase Bitcoin loan rate today?
4.80% a year, variable, set by the Morpho cbBTC/USDC market behind the loans. Borrowers paid 4.85% on average over the last 30 days.
What is the Coinbase USDC lending rate?
The Core tier pays 3.22% net APY; The High Yield tier pays 2.84% net APY, after the vault fee. Rates change daily with borrowing demand.
Does Coinbase offer fixed-rate loans?
Yes, for Bitcoin, since September 22, 2026, through Morpho Midnight. For loans due Oct 30, 2026, the best rate lenders are offering right now is 5.31% a year.
How Coinbase uses Morpho
Crypto-backed loans. Coinbase wraps your coins (bitcoin becomes cbBTC, for example), posts them as collateral in a Morpho market on Base and borrows USDC for you. The interest rate is set by that market, not by Coinbase: it rises when most of the market's USDC is borrowed and falls when it isn't. Read how Coinbase Bitcoin loans work.
USDC lending. Your USDC goes into a Morpho vault run by a curator, Steakhouse Financial, which lends it to borrowers such as the ones above. You earn what those borrowers pay, minus the vault's fee. Read how Coinbase USDC lending works.
Independent data. Morpho Watch is not affiliated with Coinbase or Morpho, and nothing here is advice. Coinbase does not publish the exact markets and vaults it uses; the ones on this page were matched from public on-chain data (collateral, loan-to-value limits and borrower counts). Always check the rate in the Coinbase app before you act.