Morpho launches USDC borrowing backed by tokenized gold
Morpho has launched PAXG-backed USDC loans through Coinbase, subject to eligibility rules, borrowing limits and liquidation thresholds.
Morpho has launched PAXG-backed USDC loans through Coinbase, subject to eligibility rules, borrowing limits and liquidation thresholds. USDC (USDC) is trading at $0.9995. This is an original TLT brief based on reporting by CryptoSlate, with live market data added, as of Mon, 09 Nov 2026 20:30:07 UTC.
The launch connects tokenized gold with crypto-native borrowing, giving eligible Coinbase customers access to USDC against PAXG collateral. The weekend availability of the pricing feed is an operational condition that may affect how positions are monitored and liquidated.
- PAXG-backed USDC loans are live through Morpho via Coinbase.
- Customer eligibility, borrowing limits and liquidation thresholds still apply.
- PAXG gained 1.40% over 24 hours and 5.13% over seven days.
- Morpho TVL stands at $10.92B, down 3.4% over seven days.
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- Morpho launches USDC borrowing backed by tokenized gold — this brief
Morpho says 
USDC loans secured by 
PAX Gold are now available through Coinbase, according to CryptoSlate. The arrangement lets eligible customers borrow USDC using tokenized gold as collateral, although access remains subject to customer eligibility requirements, borrowing limits and liquidation thresholds.
The price feed used for the collateral does not operate over weekends, adding a timing condition to an otherwise continuously traded market. The supplied coverage does not specify the precise feed schedule, valuation treatment or liquidation process during that pause.
CryptoSlate is the sole outlet reporting the launch and did not provide figures for borrowing limits, collateral ratios or liquidation thresholds. Verified DeFiLlama data puts Morpho’s total value locked at $10.92B, a 3.4% decline over seven days, while USDC’s circulating supply stands at $70.39B.
Live market context was mixed. PAXG trades at $4,108.06, up 1.40% over 24 hours and 5.13% over seven days, with a $1.84B market capitalization. USDC is nearly unchanged at $0.999472, down 0.01% over both periods, while MORPHO trades at $2.07, down 0.63% over 24 hours and 6.59% over seven days.
The broader crypto market capitalization is $2.56T, with the overall market broadly lower. 
Bitcoin is down 1.70% over 24 hours, and the Fear & Greed index stands at 29, indicating fear. The development puts attention on collateral mechanics, the unavailable weekend feed and the limits that govern when loans can be borrowed or liquidated.
Since this brief published about 8 hours ago, USDC (USDC) has moved from $0.9995 to $0.9995 — +0.00%.
The chart plots USDC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDC ≈ ₦1,384.23 (about $0.9995), down 0.0% over 24 hours. The naira itself trades about 2.9% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · November 9, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Morpho launches USDC borrowing backed by tokenized gold — questions & answers
What collateral backs the new USDC loans?
PAX Gold, or PAXG, backs the USDC loans offered through Coinbase via Morpho.
Who can access the PAXG-backed loans?
Only customers who meet Morpho and Coinbase’s eligibility requirements can access them, subject to applicable borrowing limits.
Does the collateral price feed operate on weekends?
No. CryptoSlate reports that the price feed takes weekends off, making feed availability an important operational condition.
How much is 1 USDC worth in naira today?
About ₦1,384.23 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.9995. The naira price moves with both USDC's US-dollar price and the USDT/NGN rate; use our USDC in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from CryptoSlate. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.