cbXRP / USDC on Base (62.5% LLTV)
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 5.67% a year and borrowers pay 6.69% right now.
Data from Morpho's API · updated
Borrow APY
6.69%
30-day average 7.26%
Supply APY
5.67%
30-day average 6.50%
Supplied
$63.41M
63.43M USDC
Borrowed
$54.00M
85.2% utilization
Available to borrow
$9.42M
up to $10.36M with vault liquidity
Collateral posted
$123.9M
121.15M 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 6.98% 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 | 1.03 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x031b…0fdE |
| Price feeds | 0x9f0C…6D34 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | cbXRPprice $1.0223 |
| Borrowers | 11,534 |
| Created | January 15, 2026 |
| Market ID | 0xd4a903dc…6e4109 |
| Rate model | 0x4641…2687 |
| cbXRP token | 0xcb58…a4af |
| USDC token | 0x8335…2913 |
Vaults lending here
$53.52M of the $63.41M supplied comes from these vaults
Largest borrowers
11,534 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xc900…662B | $206K | 1.46 |
| 0x19a7…DA92 | $206K | 1.43 |
| 0x11bE…9C18 | $205K | 1.20 |
| 0x201e…34fc | $203K | 1.32 |
| 0x6DA1…A06D | $203K | 1.32 |
| 0xD3e5…fc49 | $203K | 1.46 |
| 0x4D38…0179 | $203K | 3.31 |
| 0x7FD8…6aCa | $202K | 1.40 |
| 0x2327…d3dD | $201K | 1.43 |
| 0x0550…f783 | $201K | 1.13 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
1744 in the last 30 days, $7.56M of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $25.3325.34 USDC | 0xd6d9…e38e | |
| $20.1K20.11K USDC | 0x78d8…37ea | |
| $30.0030.00 USDC | 0x78d8…37ea | |
| $36.1436.15 USDC | 0x78d8…37ea | |
| $117117.42 USDC | 0x78d8…37ea | |
| $135135.00 USDC | 0x78d8…37ea | |
| $136136.31 USDC | 0x78d8…37ea | |
| $224224.43 USDC | 0x78d8…37ea | |
| $256255.92 USDC | 0x78d8…37ea | |
| $265265.49 USDC | 0x78d8…37ea |
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 $63.41M is supplied and $54.00M borrowed, so 85.2% of the market is in use, backed by $123.9M of cbXRP from 11,534 borrowers. Borrowers pay 6.69% a year, 7.26% on average over the last 30 days. Lenders earn 5.67%.
10 listed vaults lend here, providing $53.52M of the supply; the largest are Steakhouse High Yield USDC, Steakhouse High Yield USDC Edition and Clearstar cbAssets Vault. Liquidators who close an unsafe loan here receive a 12.68% bonus in cbXRP. If cbXRP fell 20% against USDC, about $29.93M of collateral would be at risk of liquidation. 1744 loans were liquidated here in the last 30 days.
cbXRP / USDC (62.5% LLTV) on Base: quick answers
What is the USDC borrow rate against cbXRP on Morpho Base?
In this market it is 6.69% a year right now, and it averaged 7.26% 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 are cbXRP / USDC loans liquidated?
When a 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 0.823 USDC.
How much USDC can be borrowed here right now?
$9.42M is free in the market, and vaults can move in up to $942K more through Morpho's public allocator, for about $10.36M 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 5.67% a year right now (6.50% averaged over 30 days). Most lend through vaults, such as Steakhouse High Yield USDC, Steakhouse High Yield USDC Edition and Clearstar cbAssets Vault, 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% | 5.45% | 6.01%−1.00% rewards |
| cbXRP / USDCBase · LLTV 86% | 2.11% | 2.27% |
