Coinbase has surpassed $1 billion in on-chain Bitcoin-backed loan originations eight months after launching the product in January 2025, and CEO Brian Armstrong has set a $100 billion lifetime originations target..
The run rate implied by the first eight months is roughly $125 million per month, which frames the pace required to reach the new objective.
The loans post Bitcoin collateral on the chain via Coinbase-wrapped Bitcoin, cbBTC, which is then routed to a Morpho market on Base. Utilization sets a variable interest rate every block, and USDC is delivered to a borrower’s Coinbase account.
Liquidation occurs if the loan-to-value ratio reaches 86 percent, repayment has no fixed schedule, and Coinbase lists a 4.38 percent liquidation penalty in customer materials.
According to Coinbase documentation, borrowers must maintain over-collateralization at all times, with U.S. availability that excludes New York for now.
Per Coinbase, cbBTC is backed 1:1 by Bitcoin under custody with publi
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