Base financing markets grow 133% this year, driven by Morpho and Coinbase integration
Onchain collateral in Morpho x Coinbase vaults surged from $1.5B to $3.5B in 2026, with cumulative loan originations topping $3B
The partnership between Morpho and Coinbase has quietly turned Base into one of the most active lending hubs in decentralized finance. Onchain active collateral in Morpho x Coinbase vaults climbed from $1.5B to $3.5B this year, a 133% increase.
By mid-September 2026, Coinbase’s collateral on Morpho, primarily deployed on Base, reached approximately $3.62B. That figure sits alongside $1.57B in outstanding loans spread across roughly 53,000 active users.
From variable rates to fixed rates: the product roadmap that fueled growth
The trajectory started in January 2025, when Coinbase launched variable-rate USDC loans against cbBTC through Morpho on Base. By May 2025, the product had reached full rollout. Then came the more ambitious move: fixed-rate bitcoin-backed loans, introduced through Morpho Midnight on September 22, 2026.
Cumulative loan originations through Morpho have now surpassed $3B. Total deposits on the platform exceeded $5B by early August 2026, with Coinbase activity representing a significant share of that growth.
Steakhouse Financial serves as the primary curator for the USDC vaults tied to Coinbase’s Morpho markets, actively managing vault parameters, risk settings, and collateral requirements.
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Tokenized stocks enter the mix
Coinbase has also begun introducing lending and borrowing markets that accept tokenized stocks as collateral for USDC transactions. As of September 2026, five tokenized stocks are available in these new markets. Usage in these newer markets remains modest.
The regulatory dimension is worth noting. Coinbase operates as a publicly traded, US-regulated entity. Its willingness to integrate deeply with an onchain lending protocol like Morpho signals a belief that this kind of activity can exist within existing compliance frameworks.
The 53,000 active users figure is instructive. DeFi lending has historically been dominated by a relatively small number of large wallets, and a user base of that size suggests broadening adoption beyond the usual whales and power users.