Coinbase Unleashes Fixed-Rate Loans via Morpho Midnight
Coinbase is introducing fixed-rate Bitcoin-backed loans through Morpho Midnight, allowing US users to borrow USDC at interest rates and repayment dates that remain constant.
The product is available to Coinbase users across the US, excluding New York. Users can post Bitcoin as collateral and receive USDC at a rate that stays constant until a predetermined maturity date.
Morpho Midnight's whitepaper was released in May 2026, with the public launch following in July 2026. The protocol's core pitch is to bring predictability to blockchain rails by allowing borrowers to negotiate fixed rates and terms directly.
The $30 million in total deposits held by Morpho Midnight currently represents a fraction of the billions flowing through Morpho Blue. However, having Coinbase as its first major consumer-facing distribution channel significantly changes the growth calculus.