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Base referral code: 2ZTS468P. Sign up with this code to get 10% off eligible swap fees.
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At a glance
- What changed
- Borrow USDC against PAX Gold (PAXG) collateral on Coinbase, powered by Morpho on Base.
- Who it affects
- Eligible Coinbase users in permitted regions who hold PAXG and want USDC without selling the gold token.
- When
- Announced on X at 15:30 UTC on 6 November 2026; Coinbase says it is available now.
What Coinbase announced
Coinbase posted on its official X account on 6 November 2026 at 15:30 UTC: "You can now instantly borrow USDC against PAX Gold (PAXG) on Coinbase." The same post frames PAXG as tokenized gold backed by the real thing, and says borrowers get liquidity without selling the gold position.
The announcement ends with "Powered by @morpho, built on @base," so the loan rails sit on Morpho's onchain lending markets on the Base network. A follow-up reply in the thread links to coinbase.com/borrow as the place to get started.
Where it is available, and the risks Coinbase named
A reply in the same thread says the product is available in the United States excluding New York. A further legal reply adds Canada, and notes that availability and terms vary by jurisdiction, eligibility and market conditions.
That legal reply also says rates are variable and subject to change, and that loans involve risk including collateral liquidation. Coinbase states it does not provide tax advice. Exact loan-to-value caps, fees and per-asset borrow limits were not listed in the posts we read, so check them in the Coinbase borrow flow before you pledge PAXG.
Our take
This extends Coinbase's Morpho-powered USDC loans from crypto collateral into a commodity token, and it keeps the settlement on Base. Treat the X thread as the launch notice, then confirm live rates, LTV and region gates inside coinbase.com/borrow before moving gold tokens as collateral.
Dates to know
As announced by the provider. A listed date does not confirm current availability or eligibility.
- Coinbase announces instant USDC borrows against PAXGDate passed
BaseDiscount code
10% off eligible swap fees
Base referral code: 2ZTS468P. Sign up with this code to get 10% off eligible swap fees.
Affiliate link. We may earn a commission, at no extra cost to you.
Conditions
New wallets only; enter the code during onboarding. Same-chain swaps and regional eligibility rules apply.
The code and partner link have no expiry. Campaign dates, benefits and eligibility are separate and may change. Check the provider’s current terms before signing up.
