Bitcoin holders are borrowing against their BTC on Base at a record pace, according to a post from Delphi Digital. In Morpho’s Base market, U.S. dollar loans backed by Bitcoin have risen about 55% this year to reach $1.6 billion. Over the past year, borrowing costs have moved lower as well, with rates falling from roughly 7.5% to 5%.
Delphi Digital said most of that demand is coming from Coinbase customers. Their outstanding loans topped $1.4 billion in September, the post said. The firm added that these users are accessing DeFi lending without having to interact with DeFi directly.
The figures point to growing use of Bitcoin as collateral inside Base-based lending markets, with Morpho serving as the venue cited in the update. The post tied the rise in loan balances to Coinbase-linked demand and highlighted the drop in borrowing rates over the same period.
Bitcoin holders are borrowing on Base at a record level, according to a post by Delphi Digital on X.
In Morpho’s Base market, U.S. dollar loans backed by Bitcoin have climbed about 55% this year to $1.6 billion, the post said. Borrowing rates also moved down over the past year, falling from about 7.5% to 5%.
Delphi Digital said most of the demand came from Coinbase customers, whose outstanding loans exceeded $1.4 billion in September. Those customers are using DeFi lending without directly interacting with DeFi, according to the post.
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