GoKawiilCoinbase lets US users borrow USDC against PAX Gold via Morpho on Base
Coinbase announced on November 6, 2026 that eligible US users can instantly borrow USDC using PAX Gold (PAXG) as collateral, marking the first non-crypto asset accepted by its borrowing feature. The loans run through a new USDC|PAXG market on Morpho Blue, a lending protocol built on Base, with Coinbase providing the user-facing app while Morpho handles the lending mechanics and Paxos backs the gold token with physical reserves.