Base financing markets grow 133% this year, driven by Morpho and Coinbase integration

The partnership between Morpho and Coinbase has quietly turned Base into one of the most active lending hubs in decentralized finance. Onchain active collateral in Morpho x Coinbase vaults climbed from $1.5B to $3.5B this year, a 133% increase. By mid-September 2026, Coinbase’s collateral on Morpho, primarily deployed on Base, reached approximately $3.62B. That figure sits alongside $1.57B in outstanding loans spread across roughly 53,000 active users. From variable rates to fixed rates: the product roadmap that fueled growth The trajectory started in January 2025, when Coinbase launched variable-rate USDC loans against cbBTC through Morpho on Base. By May 2025, the product had reached full rollout. Then came the more ambitious move: fixed-rate bitcoin-backed loans, introduced through Morpho Midnight on September 22, 2026. Cumulative loan originations through Morpho have now surpassed $3B. Total deposits on the platform exceeded $5B by early August 2026, with Coinbase activity representing a significant share of that growth. Steakhouse Financial serves as the primary curator for the USDC vaults tied to Coinbase’s Morpho markets, actively managing vault parameters, risk settings, an...