Coinbase just let you borrow dollars against gold. Without selling the gold.
PAX Gold (PAXG) is now the first non-crypto collateral in Coinbase Borrow. Eligible U.S. users (New York excluded) can pledge tokenized gold from Paxos and take USDC, on Morpho Blue on Base.
The Morpho market lists a 77% liquidation LTV. Rates are variable. Loan-health prices update only during gold-market hours. The same Coinbase–Morpho hookup already holds about $3.4B in collateral and $1.7B+ in active loans — until today, every accepted asset was BTC, ETH, XRP, or SOL.
Gold used to be something you held or sold. Now it has a teller window.