According to CoinMeta, Wu said that Coinbase has announced that it now supports users in using gold-backed tokens PAX Gold ( PAXG ) as collateral to directly borrow stablecoins USDC without the need to sell their held gold tokens. This service is built on the Base network and is supported by the DeFi lending protocol Morpho. Coinbase indicates that the relevant service is available to eligible users in the United States (except New York State) and Canada, with specific usage qualifications and terms varying by jurisdiction.