Key Highlights
- Coinbase Developer Platform launched Borrow for crypto-backed USDC lending through CDP Smart accounts.
- The feature initially operates through Morpho Blue on Base Mainnet.
- Supported pairs include cbBTC/USDC, cbXRP/USDC, SOL/USDC, and cbETH/USDC.
Coinbase Developer Platform announced the launch of Borrow, a feature that allows developers to integrate crypto-backed USDC loans into their applications through CDP Wallets. The product enables end users to open collateralized borrow positions by posting crypto assets and receiving USDC loans. It initially operates through Morpho Blue on Base Mainnet.
According to the announcement on September 22, 2026, Borrow is available to users of CDP Smart accounts on Base Mainnet. Supported collateral and loan pairs include cbBTC/USDC, cbXRP/USDC, SOL/USDC, and cbETH/USDC.
How the Borrow feature works
Developers can use CDP APIs to manage the full lifecycle of a borrow position. This includes browsing available collateral and loan pairs, posting collateral and borrowing in a single atomic transaction, adding or withdrawing collateral, repaying debt or borrowing additional amounts, closing positions atomically, and tracking debt levels, borrow APY, and position health.
Each borrow action is executed through the user’s smart account as a user operation. This structure allows developers to sponsor gas fees with a paymaster and apply CDP transaction policies to the borrow flow.
When a user opens a position, they deposit a fixed amount of collateral in exchange for a specified amount of the loan asset. For example, depositing 1 cbBTC can allow borrowing 10,000 USDC, with the cbBTC locked as collateral.
Borrow includes a built-in fee mechanism for developers. In the CDP Portal, developers can set an origination fee and designate a recipient address. The fee is charged in the loan token when a user opens a position or borrows additional funds and is routed automatically to the designated wallet.
Technical and operational details
Protocols such as Morpho Blue provide a range of collateralized borrow products, each defined by a specific collateral asset and loan pair. CDP Wallets enable end users to interact with these products through a native DeFi Borrow API. The smart account opens the position by posting collateral and receiving the loan asset.
Documentation for the feature is available on the Coinbase Developer Platform site. The product is currently limited to the listed pairs on Base Mainnet and requires the use of CDP Smart accounts.
Coinbase Developer Platform stated that the APIs handle collateral management, debt tracking, repayments, position health monitoring, and related protocol transactions, allowing developers to focus on the application interface presented to end users.
Context of recent Coinbase activity
The Borrow launch follows other recent steps by Coinbase to expand its product offerings. On September 18, 2026, Coinbase filed with U.S. regulators to offer perpetual futures contracts tied to individual U.S. stocks.
The proposed contracts would cover approximately 50 to 60 major companies, including Apple, Microsoft, Tesla, and Nvidia, and would provide exposure to stock-price movements through derivatives rather than direct share ownership. Launch of those products remains subject to regulatory approval.
On September 21, 2026, Coinbase began allowing eligible U.S. customers to request allocations in the initial public offering of Oura Inc., the maker of the Oura Ring wearable device. Customers can submit requests through a new IPOs page in the Coinbase app after funding an account to cover the cost of the requested shares. Once the expected price range is published, users may submit a conditional offer to buy.
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