Morpho Labs has reported substantial growth in its crypto-backed lending services in collaboration with Coinbase and other partners. As of April 2025, Morpho-powered loans on Coinbase have surpassed $130 million in active loans, backed by over $270 million in collateral. This marks a rapid increase from earlier months, with USDC loans on Coinbase rising from $0 in January to $120 million by May 2. The collateral supporting these loans includes approximately $265 million in Bitcoin, with more than 100 times that amount of Bitcoin remaining idle. Morpho's integrations have expanded beyond Coinbase to include Trust Wallet and Ledger, enabling stablecoin earning features. Additionally, Apollo Capital's ACRED token has been tokenized as part of these developments. The growth reflects a broader trend toward using cryptocurrency to provide access to financial infrastructure, with Morpho positioning itself as a key player in this space. Coinbase now offers Bitcoin lending services to its 30 million users, further driving adoption of crypto-backed financial products.