Coinbase opens USDC loans against tokenized gold in the US, excluding New York
PAX Gold is the first non-crypto collateral on Coinbase's Morpho-powered loans. Rates are variable, and the collateral can be liquidated, including on a gold price that does not update on weekends.
· Effective · Verified 2026-11-07 via official announcement
Effective Nov 6, 2026: Coinbase opens USDC loans against tokenized gold in the US, excluding New York. Affects: Coinbase customers in the US outside New York who hold or want to hold PAXG and borrow USDC against it. Source: x.com, verified Nov 7, 2026. Coinbase code 33NYAA8.
Coinbase said on 6 November 2026 that customers can now borrow USDC against PAX Gold (PAXG), a gold-backed token issued by Paxos. The loans run through Morpho on Base and are available in the US, excluding New York. Morpho and Paxos describe PAXG as the first non-crypto collateral on the product, which already takes BTC, ETH, XRP and SOL.
The launch adds a USDC and PAXG lending market on Morpho rather than a separate Coinbase product, and Coinbase's help page says it provides access to Morpho. Morpho says the Coinbase integration already holds about $3.4 billion of collateral and more than $1.7 billion in active loans. Those figures cover all collateral, not gold, and DexSheet found no figure for gold loans.
Coinbase's posts give no starting rate or liquidation level for gold loans. Its help page says the level varies by asset and is shown when managing a loan. It also says a one-time processing fee is charged each time a customer borrows, and that interest accrues on it. PAXG's price updates about 23 hours a day on weekdays and not while gold markets are closed, including weekends, so loan health can lag the current gold price.
Availability varies by region. Coinbase's general loan page mentions limited access in the UK and Canada, but its gold launch post names only the US excluding New York, and terms depend on eligibility and market conditions. Paxos separately said PAXG is now live on Base; each token is backed by one troy ounce of gold in vaults.
“Available now in the US (exc NY). Availability and terms vary by jurisdiction, are subject to eligibility and market conditions. Rates are variable and subject to change.”
— Coinbase on X, 6 November 2026
Who this affects
Coinbase customers in the US outside New York who hold or want to hold PAXG and borrow USDC against it.
Coinbase at a glance
Coinbase is a US-listed (Nasdaq: COIN) custodial crypto exchange and broker. Simple buys and sells carry a spread plus a Coinbase fee, Coinbase Advanced is a maker/taker order book, and since 2025 the app has offered DEX trading of onchain Base and Solana tokens through an integrated self-custody wallet.
More from the newsroom
Sources
Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.
- Coinbase on X - Borrow USDC against PAX Gold (2026-11-06) — checked 2026-11-07
- Coinbase on X - Availability and terms for gold-backed loans (2026-11-06) — checked 2026-11-07
- Coinbase Help - Crypto-backed loans introduction — checked 2026-11-07
- Coinbase Help - Loan health, PAXG pricing — checked 2026-11-07
- Morpho - Coinbase Users Can Now Borrow USDC Against Gold — checked 2026-11-07
- Paxos - PAXG Launches on Base, Bringing Regulated Gold to Borrowers on Coinbase — checked 2026-11-07
- Bankless - Coinbase Enables Borrowing Against Gold via Morpho (2026-11) — checked 2026-11-07
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