Coinbase just dropped the mic on X: $1 billion in onchain loans using bitcoin as collateral. CEO Brian Armstrong’s already eyeing a 100x leap to $100 billion.
'Hockey Stick Growth': Coinbase Hits $1B in Onchain Loans, Brian Armstrong Sets $100B Target
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DeFi Credit Explodes, Billions Flow Into Onchain Lending
On social media, Coinbase and Brian Armstrong announced that the company has facilitated $1 billion in onchain loans, with bitcoin (BTC) serving as the pledged collateral. At the end of April, the firm disclosed that its bitcoin-secured lending program, developed in collaboration with Morpho, had become accessible across the United States.
Dune dashboards show crypto lending is no small potatoes: $1,003,102,891 in loans originated on a blockchain, backed by a beefy $1,449,888,092 in collateral. Roughly 14,215 wallets are already tapping Coinbase’s onchain loans. “Next goal: $100B in onchain borrow originations,” Armstrong said on X.
The coinbase CEO added:
“These adoption charts are what every product manager wants to see: hockey stick growth. The onchain economy is thriving. Proud of the team for making DeFi more accessible and easier to use.”
Onchain lending has ballooned in recent years, with players like Aave, Compound Finance, Morpho, Figure and Sparklend fueling the boom. Rwa.xyz clocks $17.39 billion in active private credit loans today. Aave stands as the leading decentralized finance ( defi) protocol, commanding $44.293 billion in total value locked (TVL) according to defillama.com stats.
Coinbase’s billion-dollar flex is just one chapter in the broader DeFi credit story, where protocols are juggling tens of billions in active loans. With Armstrong gunning for a $100 billion milestone, the question isn’t whether onchain lending has arrived — it’s how fast the rocket fuel gets burned.
