Bitcoin
Coinbase Introduces Fixed-Rate Bitcoin-Backed USDC Loans on Base Network
Coinbase has integrated Morpho Midnight to allow users to secure USDC loans against Bitcoin collateral with predetermined interest rates and maturity dates.
Coinbase has expanded its crypto credit offerings by launching fixed-rate, Bitcoin-backed USDC loans through the Morpho Midnight protocol on the Base network. The new service enables borrowers to lock in their borrowing costs and settlement dates in advance without needing to sell their Bitcoin holdings.
The fixed-term facility complements Coinbase's existing variable-rate borrowing powered by Morpho Blue, which the exchange reports has surpassed $1.4 billion in outstanding loans backed by approximately $3 billion in collateral. Morpho Midnight, which went live on Base in July and holds around $30 million in deposits, allows loans that mature on the final Friday of the current or following month.
Interest rates for the fixed loans are determined through an onchain order book driven by lender and borrower supply and demand. If borrowers fail to repay by the set maturity date, lenders have the right to claim the underlying Bitcoin collateral. The release follows similar collateralized lending rollouts across the sector, including Circle's Morpho integration and Hyperliquid's stablecoin lending product.
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