Coinbase’s Bitcoin Loan Bonanza Hits $1B-Will It Reach $100B? 🚀

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Coinbase surpasses $1 billion in bitcoin-backed Onchain loans via Morpho, with plans to reach $100 billion in originations.

 

Coinbase, that old dog of crypto, just outdid itself-like a barn cat who forgot it was a barn cat and started chasing a $1 billion loan bonanza. Eight months ago, it launched this bitcoin-backed loan thingy, and now it’s got more zeros in its balance than a Hollywood budget. Talk about hustle. 🐾

Powered by Morpho, the DeFi protocol, Coinbase lets folks borrow USDC while keeping their bitcoin safe, like a piggy bank that also lends you cash. They’re dreaming of $100 billion next, but let’s see if they can keep up with their own hype. 🐷

How Coinbase Onchain Loans Work

Coinbase’s loan service is like a crypto farmer’s market: you bring your bitcoin, wrap it in cbBTC (no fees, thank you very much), and hand it over to Morpho, who plays banker and hands you USDC. It’s like trading your tractor for a bag of gold, but with fewer hay bales. 🌾

Loans need 133% collateral-because playing it safe is how your grandpa kept his barn standing. If the market takes a nosedive and your collateral drops to 86%, Morpho liquidates it like a financial rodeo clown. Interest rates? Adjusted every block on Base. You’re welcome. 🤠

Expansion and Future Goals for Coinbase’s Onchain Loan Service

Since January, Coinbase has gone from $100k to $5 million loans, faster than a California wildfire. Brian Armstrong, the guy who probably drinks coffee for breakfast, called it “hockey stick growth” on X. Next target? $100B. Let’s hope they don’t melt their servers trying to get there. ☕

Next goal: $100B in onchain borrow originations.

These adoption charts are what every product manager wants to see: hockey stick growth. The onchain economy is thriving.

Proud of the team for making DeFi more accessible and easier to use.

– Brian Armstrong (@brian_armstrong)

Armstrong’s tweets are about as humble as a rockstar’s LinkedIn bio. Still, the Onchain economy’s thriving, which is either a miracle or a bubble waiting to pop. Either way, Coinbase’s riding shotgun. 🎩

Regulatory Considerations and Service Availability

The service? Only for U.S. customers (New York excluded). Coinbase isn’t running the show-they’re just the middleman for Morpho, like a crypto concierge who doesn’t care if you’re late to the party. They’ve dodged regulatory bullets before, so here’s hoping they keep their hat on. 🎩

Expanding collateral options is the next step, because why settle for one crop when you can plant a whole damn garden? DeFi’s going mainstream, and Coinbase’s got the fertilizer. 🌱

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2025-10-02 01:34