Coinbase Loans Now Accept Tokenized Gold as Collateral via Morpho
Morpho says users can borrow USDC against PAXG, a gold-backed token, though eligibility rules, borrowing limits and liquidation thresholds still apply.
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Key takeaways
- Morpho says USDC loans backed by PAXG, a tokenized gold asset, are now live.
- The loans connect to Coinbase, per the CryptoSlate report.
- Customer eligibility, borrowing limits and liquidation thresholds still apply.
- The report's headline flags a catch: the gold price feed takes weekends off.
You can now borrow USDC against tokenized gold on Coinbase. Morpho says loans backed by PAXG, a gold-backed token, are live.
Don't get too excited yet. Customer eligibility, borrowing limits and liquidation thresholds all still apply. So not everyone gets in, and those who do won't necessarily borrow as much as they'd like.
The weekend problem
CryptoSlate's headline flags a quirk: the price feed takes weekends off. The source material doesn't spell out the mechanics, and I'm not going to guess at them. But the tension is easy to see. Crypto trades around the clock. Gold's traditional markets don't. And a loan that can be liquidated at any hour needs a reliable price to measure against. That's the part I'd want explained.
What we don't know yet
The summary I received gives no specific loan-to-value ratios, rates or liquidation levels. None. Check the actual terms before you borrow a cent. Those numbers decide how risky your position really is.
Why it matters
If you hold gold exposure on-chain, you can now put it to work without selling it. That's the pitch. The catch is the one every collateralized loan carries: if the collateral's value falls past a threshold, it gets liquidated. Add a price feed that doesn't update continuously, and your margin for surprise gets thinner. So read the liquidation terms first, and keep a buffer. The open question is how the feed behaves when gold moves while traditional markets are closed.
Source: CryptoSlate
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