Orange editorial collage of locked PAXG gold feeding a Base-branded valve, with blue USDC liquidity and a mechanical borrowing limit.
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Tokenized gold can now back a Coinbase loan. The price feed takes weekends off

Morpho says PAXG-backed USDC loans are live, while customer eligibility, borrowing limits and liquidation thresholds still apply.

Quick Take

  1. Paxos launched PAXG on Base on November 6, extending its gold-backed token beyond Ethereum and Solana.
  2. Morpho says Coinbase PAXG loans are live, and Coinbase lists the token as eligible collateral, subject to customer access.
  3. Coinbase's PAXG collateral prices pause during gold-market closures, while loan limits and liquidation thresholds remain asset-specific.

Paxos launched its gold-backed PAXG token on Base on Nov. 6, adding another network for tokenized gold as Coinbase now lists the asset as eligible collateral for borrowing the USDC stablecoin. The launch extends PAXG beyond Ethereum and Solana to the Coinbase-incubated layer-2 network.

Each full PAXG token represents one fine troy ounce of physical gold held in custody, according to Paxos's product site. Holders can own fractions of a token, giving them exposure to smaller quantities of gold.

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Lending protocol Morpho said Coinbase users can now borrow against PAXG through a new market on Base without leaving the exchange’s app. That gives holders a route to raise stablecoin liquidity against their gold exposure rather than selling the token to obtain cash.

Paxos's announcement described Coinbase Borrow among integrations expected in the “weeks ahead,” subject to product availability, although Morpho's same-day announcement described borrowing as live.

Gold exposure gains a borrowing route

PAXG is live on Base. Morpho reports in-app USDC borrowing, and Coinbase lists PAXG as collateral.

02 / The collateral pricing clock

Coinbase says PAXG collateral prices update during gold-market hours, approximately 23 hours on weekdays.

Gold-backed tokens can secure a USDC loan, while valuation hours and loan conditions still govern the collateral.

Morpho describes borrowing as live; Paxos's November 6 note used forthcoming language. Customer eligibility, asset-specific limits and liquidation thresholds still apply. Pricing states describe Coinbase loan-health valuation, not all PAXG trading.

The lending infrastructure predates the gold expansion: Coinbase's Morpho-backed Bitcoin loans on Base were announced in January 2025.

Coinbase borrowing access and collateral risk

Coinbase's loan introduction lists verified customers in Canada and the US outside New York under its general eligibility rules, alongside limited UK access. Collateral choices can differ between fixed- and variable-rate loans, so PAXG access remains subject to the options available to each customer.

Paxos separately says PAXG is currently unavailable to European Union residents.

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The exchange says borrowing limits vary by asset and are shown in the product. PAXG-specific borrowing caps and rates remain unspecified on its public Borrow page, which advertises borrowing limits for other collateral assets.

Its loan-health guidance adds a PAXG-specific consideration: collateral prices update during gold-market hours, approximately 23 hours per weekday, and pause when those markets close, including weekends. The warning concerns the pricing used to track collateral and affects how quickly loan health reflects gold prices.

The same guidance says liquidation thresholds vary by collateral asset and appear in the loan overview or management page. A falling collateral value or accumulating interest can raise the loan-to-value ratio, which compares debt with collateral value. Reaching the applicable threshold can trigger automatic liquidation.

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The exchange’s optional collateral top-up protection can reduce that risk. The company warns that collateral can still be liquidated even when protection is enabled.

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Related Asset USDC USDC · Stablecoin Related Asset Bitcoin BTC $74,795.44 24-hour change: down 1.49% Related Asset Ethereum ETH $2,121.15 24-hour change: down 5.21% Related Asset Solana SOL $86.58 24-hour change: down 3.26% Related Company Paxos Regulated blockchain infrastructure platform Related Company Coinbase Crypto exchange and financial services