Coinbase Assets Account for 53% of Morpho Deposits, Including $1.2B in USDC Loans

COINON1.30%
MORPHO-3.61%
USDC0.01%
According to ChainCatcher, on-chain data shows Coinbase assets have become the primary liquidity source for Morpho, a decentralized lending protocol. USDC and cbBTC combined represent 53% of Morpho's total deposits, with Coinbase users contributing 83% of cbBTC deposits and 59% of USDC deposits. On the borrowing side, of the $2.3 billion in USDC loans on Morpho, approximately $1.2 billion comes from Coinbase users using cbBTC as collateral.
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