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Bitcoin Holders Can Now Borrow USDC Through Coinbase and Morpho
In a groundbreaking move, Coinbase has announced its partnership with Morpho to enable users to borrow USD Coin (USDC) directly through the platform. This innovative integration allows Bitcoin holders to take advantage of stablecoin lending, further solidifying Coinbase’s position as a leader in on-chain financial services.
Under the hood, Coinbase’s integration with Morpho fuels its broader strategy. Users mint Coinbase’s wrapped Bitcoin (cbBTC) and borrow Coinbase’s stablecoin (USDC) on Base, Coinbase’s Layer 2 network. This ecosystem enhances user activity and positions Coinbase at the forefront of on-chain financial services.
The introduction of these loans has had a ripple effect on Morpho’s ecosystem. The platform’s native token, MORPHO, surged 45% to an all-time high of $4.11 on January 17, 2025, following the partnership announcement. Trading volumes hit $225 million, reflecting a 180% surge in investor activity. Morpho’s total value locked (TVL) now stands at $6.06 billion, according to DefiLlama, marking significant growth on Ethereum layer-2 networks.
Morpho’s platform supports diverse use cases, including credit cards and savings products, and integrates with protocols like Moonwell and Centrifuge.
As of January 17, 2025, the integration allows Bitcoin holders to borrow USDC directly through Coinbase, a move that can have far-reaching implications for the broader crypto market. This collaboration underscores the importance of innovative partnerships in propelling the industry forward.
It’s worth noting that this development is part of Coinbase’s continued efforts to expand its offerings and provide users with an unparalleled experience.
Source: http://www.crypto-news-flash.com
