Coinbase Brings Fixed-Rate Crypto-Backed Loans to Users via Morpho Midnight

Coinbase has launched fixed-rate crypto-backed loans powered by Morpho Midnight. This marks the first enterprise-scale integration of Morpho Midnight, a protocol that brings fixed-rate onchain credit directly to users through the Coinbase app.

With this new product, Coinbase users can now borrow USDC against their BTC with their borrowing rate and repayment date fixed from the outset. The move takes onchain borrowing beyond the predominantly variable-rate model, giving users greater certainty over the cost and duration of their borrowing.

The integration expands Coinbase's existing use of Morpho. Coinbase retains control of the user experience, while Morpho provides the underlying credit infrastructure and Base acts as the settlement layer.