cbXRP / USDC on Base
A Morpho market on Base where people borrow USDC against cbXRP. A loan can be liquidated once it reaches 62.5% of the collateral's value. Lenders earn 5.48% a year and borrowers pay 6.13% right now.
Data from Morpho's API · updated
Borrow APY
6.13%
30-day average 6.21%
Supply APY
5.48%
30-day average 5.52%
Supplied
$58.84M
58.85M USDC
Borrowed
$52.75M
89.7% utilization
Available to borrow
$6.09M
up to $6.71M with vault liquidity
Collateral posted
$159.3M
103.43M cbXRP
This is the market behind Coinbase's XRP loans →
See every Coinbase loan market and what each costs right now.
cbXRP / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
cbXRP / USDC interest rate curve
What borrowers would pay at each utilization level, with today's settings
Borrow APY Supply APY
At the 90% target, borrowers pay 6.15% right now. Below it the rate falls to as little as a quarter of that; above it, it climbs to four times that when the market is fully borrowed. The curve itself also moves: while utilization stays above 90% the whole curve drifts up, and below 90% it drifts down. How Morpho interest rates work.
Liquidation map
How much cbXRP collateral could be liquidated if its price fell by each amount
Based on today's loans and today's cbXRP price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 62.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 12.68%extra collateral a liquidator receives |
| cbXRP price in USDC | 1.54 USDC |
| Oracle | ChainlinkOracleV20x031b…0fdE |
| Price feeds | 0x9f0C…6D34 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | cbXRPprice $1.5405 |
| Borrowers | 10,869 |
| Created | January 15, 2026 |
| Market ID | 0xd4a903dc…6e4109 |
| Rate model | 0x4641…2687 |
| cbXRP token | 0xcb58…a4af |
| USDC token | 0x8335…2913 |
Vaults lending here
$54.50M of the $58.84M supplied comes from these vaults
Largest borrowers
10,869 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xc900…662B | $204K | 2.22 |
| 0xe38C…E6Aa | $202K | 1.62 |
| 0x71BC…8Ad5 | $202K | 1.59 |
| 0x58Ff…2F57 | $201K | 1.35 |
| 0x201e…34fc | $201K | 1.92 |
| 0xAD33…0F89 | $201K | 1.14 |
| 0xAFf8…2cB4 | $201K | 2.07 |
| 0x6DA1…A06D | $201K | 1.67 |
| 0x4D38…0179 | $201K | 5.03 |
| 0xDaB7…00f3 | $201K | 1.42 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
464 in the last 30 days, $1.27M of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $3.493.49 USDC | 0x13e4…b787 | |
| $136135.53 USDC | 0x13e4…b787 | |
| $183182.76 USDC | 0x13e4…b787 | |
| $1.9K1.89K USDC | 0x13e4…b787 | |
| $2.6K2.57K USDC | 0x13e4…b787 | |
| $38.1K38.12K USDC | 0x13e4…b787 | |
| $48.0748.07 USDC | 0x5920…bf85 | |
| $40.9340.93 USDC | 0x106a…f688 | |
| $72.2272.22 USDC | 0x106a…f688 | |
| $1.9K1.94K USDC | 0x106a…f688 |
About the cbXRP / USDC market
The cbXRP / USDC market on Base was created on January 15, 2026. Anyone can lend USDC into it, and anyone holding cbXRP can borrow that USDC against it, up to a loan-to-value of 62.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds. Public on-chain data shows this is the market behind Coinbase's XRP loans.
Right now $58.84M is supplied and $52.75M borrowed, so 89.7% of the market is in use, backed by $159.3M of cbXRP from 10,869 borrowers. Borrowers pay 6.13% a year, 6.21% on average over the last 30 days. Lenders earn 5.48%.
10 listed vaults lend here, providing $54.50M of the supply; the largest are Steakhouse High Yield USDC Edition, Steakhouse High Yield USDC and Ethena x Steakhouse USDC. Liquidators who close an unsafe loan here receive a 12.68% bonus in cbXRP. If cbXRP fell 20% against USDC, about $6.44M of collateral would be at risk of liquidation. 464 loans were liquidated here in the last 30 days.
cbXRP / USDC 62.5% on Base: quick answers
What is the USDC borrow rate against cbXRP on Morpho Base?
In this market it is 6.13% a year right now, and it averaged 6.21% over the last 30 days. The rate is variable: it follows how much of the market's USDC is borrowed, rising quickly above 90%.
When is a cbXRP / USDC loan liquidated?
When the loan reaches 62.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes cbXRP worth 12.68% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if cbXRP fell to about 1.23 USDC.
How much USDC can be borrowed here right now?
$6.09M is free in the market, and vaults can move in up to $622K more through Morpho's public allocator, for about $6.71M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the cbXRP / USDC market?
Lenders earn 5.48% a year right now (5.52% averaged over 30 days). Most lend through vaults, such as Steakhouse High Yield USDC Edition, Steakhouse High Yield USDC and Ethena x Steakhouse USDC, which spread deposits across several markets.
Other cbXRP / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbXRP / USDCBase · LLTV 77% | 5.37% | 5.97%−2.50% rewards |