Coinbase Brings Fixed-Rate Loans to Bitcoin Backed USDC

Coinbase has introduced fixed-rate Bitcoin-backed USDC loans through Morpho Midnight on Base. Borrowers can now lock both the interest rate and repayment date when taking a loan, giving them more control over their borrowing costs.

This new option is in addition to Coinbase's existing variable-rate loans offered through Morpho Blue. The company claims that its variable-rate loans have exceeded $1.4 billion outstanding, with about $3 billion in collateral backing them.

Morpho Midnight was launched on Base in July and has already attracted around $30 million in deposits. The protocol brings fixed rates and defined maturity dates to on-chain lending, giving borrowers a new way to manage their repayment costs without selling their Bitcoin.