Coinbase Brings Predictable Loans to Blockchain with Morpho Midnight

Coinbase is introducing fixed-rate Bitcoin-backed loans through Morpho Midnight. This new product allows US users to borrow USDC at a constant interest rate and repayment date, giving borrowers certainty about what they owe and when it's due.

The fixed-rate lending feature is available to Coinbase users across the US, excluding New York. To access this loan, users post Bitcoin as collateral and receive USDC at a rate that stays constant through a predetermined maturity date.

This isn't Coinbase's first foray into Morpho's lending infrastructure. The exchange launched its original BTC-backed USDC loan product on January 16, 2025, built on Morpho Blue, which has accumulated over $1.4 billion in outstanding loans backed by roughly $3 billion in collateral.

Morpho Midnight's core pitch is to bring the predictability of a traditional term loan to blockchain rails, where borrowers can negotiate rates and terms directly rather than watching them fluctuate with market conditions.