Coinbase Introduces Fixed-Rate Crypto Loans Through Morpho on Base
Coinbase has expanded its lending services on Base by introducing fixed-rate, fixed-term crypto-backed loans through Morpho Midnight. This new offering allows borrowers to set borrowing costs and repayment dates in advance, providing more control over their loan terms. The product is the latest addition to Coinbase's variable-rate USDC lending service on Base.
The integration with Morpho has processed over $3 billion in USDC loans, with more than $1.3 billion active across nine collateral markets. This includes over $500 million in active lending deposits in Coinbase's Core and High Yield USDC vaults. The High Yield USDC vault, which launched in June 2026, has received over $280 million in its first two months.
Borrowing limits vary by asset, with up to $5 million in USDC available against Bitcoin (BTC) and up to $1 million against Ether (ETH). Customers can also borrow up to $100,000 against SOL, ADA, XRP, LTC, or DOGE. Max Branzburg, Coinbase vice president of product, noted that the integration with Morpho has made onchain financial services more accessible to millions.