Eligible U.S. users can borrow USDC against Paxos' tokenized gold (PAXG) on Base — Coinbase Borrow's first non-crypto collateral. Coinbase said eligible users can now borrow USDC against PAX Gold (PAXG) inside its app, powered by Morpho on Base. The Product: Holders unlock USDC without selling the gold. Coinbase added PAXG as a new collateral type on Morpho rather than building a separate lending product; Steakhouse curated the market.