Coinbase has hit a major milestone, announcing it has facilitated $1 billion in onchain loans backed by bitcoin as collateral. The company’s CEO Brian Armstrong has already set his next target — a hundredfold leap to $100 billion.
Key Highlights:
- Coinbase’s bitcoin-secured lending program has topped $1 billion in originations.
- More than 14,000 wallets are tapping into the service, supported by $1.45 billion in collateral.
- Armstrong said the next goal is $100 billion in onchain borrowing.
- Onchain lending rivals such as Aave and Compound are driving DeFi’s credit boom.
Coinbase disclosed on X that its lending program, built with Morpho, went live across the United States in April. Data from Dune Analytics showed $1,003,102,891 in loans originated onchain, backed by nearly $1.45 billion in collateral. About 14,215 wallets are currently using the service.
Armstrong said on X that the company’s next target is $100 billion in onchain loan originations. He noted that Coinbase’s adoption metrics showed “hockey stick” growth, a signal he described as every product manager’s dream. He added that the onchain economy was thriving and praised his team for making decentralized finance more accessible.
The broader DeFi lending sector has been on a tear. Aave, Compound Finance, Morpho, Figure and Sparklend have all fueled rapid growth, while Rwa.xyz estimates $17.39 billion in active private credit loans. Aave remains the dominant DeFi protocol with $44.29 billion in total value locked, according to DefiLlama.
For Coinbase, the $1 billion mark underscores its push into DeFi credit markets. With Armstrong pressing toward a $100 billion milestone, the debate is no longer about whether onchain lending has arrived — it is about how quickly it scales.