Overview

• Dune Analytics tracks roughly $1.003 billion in originations with about $1.449 billion in bitcoin collateral locked.
• Coinbase says it will lift the per-borrower limit from $1 million to $5 million in the coming weeks to accommodate larger clients.
• The average loan size stands near $54,000 since the program’s launch in January 2025.
• The product offers USDC loans secured by BTC using Morpho’s open-source protocol on the Base blockchain, with New York customers excluded.
• CEO Brian Armstrong hailed the milestone and set a $100 billion originations goal, while observers caution that sharp BTC moves could trigger liquidations.