Data: Coinbase deeply integrates with the DeFi lending protocol Morpho, with deposits accounting for over half and lending scale exceeding 1.2 billion USD
By: rootdata|2026/06/22 04:45:01
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On-chain data shows that assets under Coinbase have become the most important source of traffic for the decentralized lending protocol Morpho. USDC and cbBTC together account for 53% of total deposits on the Morpho platform, with Coinbase users contributing 83% of cbBTC deposits and 59% of USDC deposits. The lending side is also highly dependent on the Coinbase ecosystem. Of the $2.3 billion USDC loans on the Morpho platform, approximately $1.2 billion comes from Coinbase users using cbBTC as collateral, accounting for more than half.
Analysts point out that a deep symbiotic relationship has formed between the two: Coinbase takes on the role of user acquisition and asset flow, while Morpho acts as the yield layer that brings these assets into on-chain operations. This case once again confirms that in the crypto industry, the moat of distribution channels is often stronger than the technology itself.
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