Coinbase Debuts Fixed-Rate Loans Backed by Bitcoin

Coinbase has launched fixed-rate USDC loans backed by Bitcoin (BTC), allowing borrowers to lock in an interest rate and repayment date at the start of the loan.

The product, supported by Morpho, marks the first enterprise deployment of Morpho Midnight. Coinbase manages the user experience, while Morpho provides the credit infrastructure and Base handles settlement.

Coinbase's existing floating-rate lending book on Morpho has surpassed $1.4 billion in active loans, with about $3 billion in collateral. The exchange introduced Bitcoin-backed lending in early 2025 and later expanded eligible collateral to include XRP and Dogecoin.