Coinbase is deeply bound to Morpho, with deposits accounting for over half of the total and borrowing scale exceeding $1.2 billion

On chain data shows that USDC and cbBTC together account for 53% of all deposits on the entire Morpho platform, with Coinbase users contributing 83% of cbBTC deposits and 59% of USDC deposits. Of the $2.3 billion USDC loan on the Morpho platform, approximately $1.2 billion comes from Coinbase users who use cbBTC as collateral, accounting for over half.