Coinbase Rolls Out Fixed-Rate Bitcoin Loans via Morpho Midnight
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?
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.
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.
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.
William M. Peaster
William M. Peaster, Senior Writer, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he covers the onchain frontier with a particular interest in art, games, and other culture apps. He has a background in creative writing and writes fiction in his free time.
