Coinbase partners with Morpho to launch USDC loans collateralized by tokenized gold

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Through its integration with Morpho, Coinbase allows users to borrow USDC within the Coinbase app using PAXG, the tokenized gold issued by Paxos, as collateral. Morpho launched a USDC/PAXG market on Base, making PAXG the first non-crypto-asset collateral accepted by Coinbase Borrow; the integration currently holds approximately US$3.4 billion in collateral and more than US$1.7 billion in active loans.