Delphi Digital said Bitcoin holders are borrowing at record levels on Base, pointing to fresh growth in onchain credit tied to BTC collateral. In Morpho’s Base market, U.S. dollar loans backed by Bitcoin have risen about 55% this year to $1.6 billion. Over the same period, borrowing costs fell from roughly 7.5% last year to 5% now. Delphi Digital said most of the demand is coming from Coinbase customers. It added that outstanding loan balances topped $1.4 billion in September, with those users accessing DeFi lending indirectly through Coinbase. The figures highlight how centralized exchange users are tapping onchain lending rails without interacting directly with DeFi protocols themselves.
Delphi Digital said in a post on X that borrowing by Bitcoin holders on Base has climbed to an all-time high.
In Morpho’s Base market, U.S. dollar loans backed by Bitcoin have grown about 55% this year to $1.6 billion. Borrowing rates have also dropped, falling from roughly 7.5% last year to 5% now.
According to Delphi Digital, most of that demand is coming from Coinbase customers. Outstanding loan balances exceeded $1.4 billion in September, and those users are accessing DeFi lending indirectly through Coinbase.
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