Coinbase said on Nov 6, 2026 that users can now instantly borrow USDC against PAX Gold (PAXG) in the Coinbase app. Gold in a vault. Liquidity in your account.

Coinbase said on Nov 6, 2026 that users can now instantly borrow USDC against PAX Gold (PAXG) in the Coinbase app. Gold in a vault. Liquidity in your account.

You pledge PAXG, tokenized physical gold backed 1:1 by one fine troy ounce in London LBMA vaults, and receive USDC without selling your gold exposure. Coinbase Adds PAX Gold Collateral for USDC Loans

It runs through a new PAXG/USDC isolated market on Base, powered by Morpho and curated by SteakhouseFi, with variable rates set by utilization and liquidation if the position exceeds its threshold. Morpho lists 77% liquidation LTV.

Eligibility is eligible US customers excluding New York, with terms varying by jurisdiction and market conditions. Availability and variable-rate, oracle and liquidation risks apply.