Tokenized gold can now back a Coinbase loan. The price feed takes weekends off

Paxos launched its gold-backed PAXG token on Base on Nov. 6, adding another network for tokenized gold as Coinbase now lists the asset as eligible collateral for borrowing the USDC stablecoin. The launch extends PAXG beyond Ethereum and Solana to the Coinbase-incubated layer-2 network.

Each full PAXG token represents one fine troy ounce of physical gold held in custody, according to Paxos's product site. Holders can own fractions of a token, giving them exposure to smaller quantities of gold.

Lending protocol Morpho said Coinbase users can now borrow against PAXG through a new market on Base without leaving the exchange's app. That gives holders a route to raise stablecoin liquidity against their gold exposure rather than selling the token to obtain cash.

Gold exposure gains a borrowing route

PAXG is live on Base. Morpho reports in-app USDC borrowing, and Coinbase lists PAXG as collateral.
01 / THE COLLATERAL ROUTE1fine troyouncePhysical gold in custodyPAXGLive on BaseUSDC loanCoinbase / Morphobackspledgedas collateralBorrowing adds debt and liquidation riskRoute described by Morpho; Coinbase lists PAXG collateral. Access remains subject to eligibility.
01 / THE COLLATERAL ROUTE1fine troy ouncePhysical gold in custodybacksPAXGLive on BasePledged as collateralUSDC loanCoinbase / MorphoBorrowing adds debt and liquidation risk.Access remains subject to eligibility.

02 / The collateral pricing clock

02 / The collateral pricing clockGold market openClosed / weekends
Coinbase says PAXG collateral prices update during gold-market hours, approximately 23 hours on weekdays.
During gold-market hoursApproximately 23 hours per weekdayGold-market pricePRICE UPDATESLoan-health valuationCoinbase's PAXG collateral pricing; schematic connection, without a time or price scale.
Gold-market hoursApproximately 23 hours per weekdayGold-market priceUpdatesLoan-health valuationCoinbase's PAXG collateral pricing only.
Coinbase says PAXG collateral prices stop updating while gold markets are closed, including weekends.
Gold markets closedIncludes weekendsGold-market priceUPDATES PAUSEDLoan-health valuationCoinbase's PAXG collateral pricing; schematic connection, without a time or price scale.
Gold markets closedIncludes weekendsGold-market pricePausedLoan-health valuationCoinbase's PAXG collateral pricing only.

Gold-backed tokens can secure a USDC loan, while valuation hours and loan conditions still govern the collateral.

Morpho describes borrowing as live; Paxos's November 6 note used forthcoming language. Customer eligibility, asset-specific limits and liquidation thresholds still apply. Pricing states describe Coinbase loan-health valuation, not all PAXG trading.

Sources

1. Paxos launch
2. PAXG product
3. Morpho launch
4. Coinbase loan introduction
5. Coinbase loan health

Supporting facts

• Paxos announced on November 6, 2026 that PAXG was live on Base, the layer-2 network incubated by Coinbase. [1]
• Paxos's November 6, 2026 announcement described additional integrations including Coinbase Borrow as expected in the weeks ahead, subject to product availability. [1]
• Each PAXG token represents one fine troy ounce of physical gold held in custody; holders can own fractions of a token. [1] [2]
• Morpho said on November 6, 2026 that Coinbase users could now borrow USDC against PAXG through a new market on Base without leaving the Coinbase app. [3]
• Coinbase's current crypto-backed loan introduction lists PAX Gold (PAXG) among eligible collateral assets and says borrowing limits vary by asset and are shown in the product. [4]
• Coinbase says liquidation thresholds vary by collateral asset and are displayed in each loan's overview or management page. [5]
• Coinbase says PAXG collateral prices update during gold-market hours, approximately 23 hours per weekday, and do not update while gold markets are closed, including weekends. [5]
• Coinbase warns that rising loan-to-value ratios can lead to automatic collateral liquidation; its optional loan protection does not guarantee prevention. [5]

Method

Qualitative mechanism diagram from reported backing, Base support and Coinbase/Morpho borrowing. The pricing panel switches between the two stated market-hour conditions. Connectors are schematic; no numerical scale, new calculation or forecast.

Scope

Morpho describes borrowing as live; Paxos's November 6 note used forthcoming language. Customer eligibility, asset-specific limits and liquidation thresholds still apply.