Coinbase adds fixed-rate bitcoin-backed loans through Morpho Midnight
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Coinbase has added fixed-rate bitcoin-backed loans through Morpho Midnight, letting users borrow USDC against bitcoin with the rate and repayment date set when the loan is made [3897]. The launch is described as the first enterprise-scale deployment of Morpho Midnight and as a move away from the variable-rate structure that has been typical in on-chain lending [4358].
Key claims & sources
What it means
Users who want to borrow against bitcoin on Coinbase now see a fixed-rate USDC loan option, with the rate and repayment date set when the loan is opened. That changes what they can lock in at the start of the loan, rather than leaving those terms open-ended.
Compared with the variable-rate norm in on-chain lending, this product keeps the borrowing terms fixed at origination while using Morpho Midnight as the lending layer. The basic act of borrowing USDC against bitcoin remains the same, but the pricing and date terms are set earlier in the process.
It is still not clear from these items how widely the product is available, what limits or eligibility rules apply, or how Coinbase and Morpho Midnight will expand it next. Details on uptake and any rollout changes would settle those open points.
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