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

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.

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.

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

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

Coinbase says PAXG collateral prices stop updating while gold markets are closed, including weekends.

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.

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