Coinbase Launches Fixed-Rate Crypto Loans Through Morpho Midnight

Coinbase has expanded its crypto lending services by introducing fixed-rate Bitcoin-backed loans through Morpho Midnight. This new product allows users to borrow USDC while locking in borrowing costs and repayment dates upfront, providing a more predictable way to access liquidity without selling their Bitcoin.

The service adds a fixed-term option to Coinbase's existing variable-rate lending products, which use Morpho Blue and have exceeded $1.4 billion in outstanding balances and roughly $3 billion in collateral.

Morpho Midnight uses an on-chain order book where lenders and borrowers submit offers, determining the available borrowing rates based on market supply and demand.