Tokenized gold can now back a Coinbase loan. The price feed takes weekends off
Morpho says PAXG-backed USDC loans are live, while customer eligibility, borrowing limits and liquidation thresholds still apply. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Paxos launched its gold-backed PAXG token on Base on Nov. 6, adding another network for tokenized gold as Coinbase now lists the asset as eligible collateral for borrowing the USDC stablecoin. The launch extends PAXG beyond Ethereum and Solana to the Coinbase-incubated layer-2 network.
Each full PAXG token represents one fine troy ounce of physical gold held in custody, according to Paxos's product site. Holders can own fractions of a token, giving them exposure to smaller quantities of gold.
Related ReadingLending protocol Morpho said Coinbase users can now borrow against PAXG through a new market on Base without leaving the exchange’s app. That gives holders a route to raise stablecoin liquidity against their gold exposure rather than selling the token to obtain cash.
Paxos's announcement described Coinbase Borrow among integrations expected in the “weeks ahead,” subject to product availability, although Morpho's same-day announcement described borrowing as live.
The lending infrastructure predates the gold expansion: Coinbase's Morpho-backed Bitcoin loans on Base were announced in January 2025.