Coinbase launches fixed-rate, bitcoin-backed USDC loans powered by Morpho Midnight on Base.
Coinbase users can now take out bitcoin-backed USDC loans at a fixed rate, so borrowers know their total interest bill and due date on day one. The product runs on Morpho Midnight, the lending protocol’s fixed-term engine, on Base.
What’s the Scoop?
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Fixed vs. floating: Coinbase’s existing Morpho loans float, so costs can climb when borrowing demand spikes. The new option sits alongside them for borrowers who want to know exactly what they’ll owe and when.
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Midnight mainstream: Coinbase is the largest app to plug into Midnight so far. Morpho CEO Paul Frambot cast it as the start of a scaling phase, with more loan types coming to fintech-style front ends built on DeFi.
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Borrow for builders: Separately, Coinbase Developer Platform unveiled Borrow for CDP Wallets, which lets third-party apps offer crypto-backed USDC loans on Morpho Blue. Launch collateral includes cbBTC, cbETH, cbXRP, and SOL, and developers can charge their own origination fee.
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