Coinbase has added tokenised gold as collateral for its crypto-backed loans. PAX Gold (PAXG) is the first non-crypto asset that Coinbase Borrow accepts, alongside bitcoin, ether, XRP and solana.

Coinbase users can borrow stablecoins against their tokenised gold without leaving the Coinbase app. The offering introduces a USDC/PAXG market on Morpho, which operates on Base, the blockchain network.

The market allows users to pledge PAXG, a tokenised gold asset issued by Paxos, as collateral to borrow USDC.

The new market extends Coinbase’s existing lending integration with Morpho without requiring Coinbase to rebuild its infrastructure or establish a new lending…