TLDR
- Coinbase launched fixed-rate Bitcoin-backed USDC loans through Morpho Midnight on Base.
- Borrowers can lock both the interest rate and repayment date when taking a loan.
- Coinbase now offers fixed-rate loans alongside variable-rate borrowing through Morpho Blue.
- Coinbase said its variable-rate loans exceed $1.4 billion, backed by about $3 billion in collateral.
- Morpho Midnight holds about $30 million in deposits, while more integrations are planned.
Coinbase has added fixed-rate bitcoin-backed loans through Morpho Midnight. Users can borrow USDC while keeping Bitcoin as collateral. Users lock the loan rate and repayment date when they open the position. Coinbase now offers both fixed-rate and variable-rate borrowing inside the same platform. Fixed terms show borrowing costs and maturity before a loan begins.
Keep your Bitcoin, get liquidity.
With fixed-rate loans backed by Bitcoin you can lock in your rate and repayment dates before you borrow.
Built by @Morpho Midnight on @Base. pic.twitter.com/1oEf6L5Efd
— Coinbase
(@coinbase) September 22, 2026
Its existing variable-rate loans use Morpho Blue. Coinbase said those loans have passed $1.4 billion outstanding, with about $3 billion in collateral. The new option gives borrowers another way to manage repayment costs without selling Bitcoin.
Midnight Sets Rates and Repayment Dates
Morpho launched Midnight on Base in July. The protocol brings fixed rates and defined maturity dates to onchain lending. The rollout follows Circle’s Bitcoin-backed USDC lending launch, which also uses Morpho infrastructure for crypto-backed borrowing. A Morpho spokesperson described Coinbase as the first major consumer platform to offer Midnight at scale.
Coinbase currently offers loans that mature at the end of the current month or the next month. Coinbase defines month-end as the final Friday. Borrowers must repay before maturity. If they fail, lenders can claim the posted collateral.
Borrowers Gain Another Loan Structure
Coinbase did not disclose the interest rates available through Midnight. A company spokesperson said lenders and borrowers set rates through supply and demand. They place offers on an onchain order book, which determines available terms.
The product arrives as other crypto platforms add collateral-based credit. Hyperliquid’s BTC-backed stablecoin loans launched this month, allowing users to borrow USDC or USDT against Bitcoin or HYPE. That service reported $269 million in borrowing on its first day.
Onchain Credit Market Keeps Expanding
Coinbase manages the customer interface, while Morpho runs the lending protocol and Base handles settlement. The launch also follows the Coinbase and Stablecore banking partnership announced last week. That deal brings crypto custody, trading, and payment tools to community banks and credit unions.
Morpho said Midnight has about $30 million in deposits during its rollout. Morpho Blue has $5.2 billion in outstanding loans and $16 billion in deposits across integrations. Morpho also sees possible uses for structured credit and tokenized real-world asset loans. Morpho plans more integrations but has not provided a public timeline. Market makers also use Midnight, while Tenor Labs launched a lending platform on the protocol in July during the early rollout.
The post Coinbase Adds Fixed Bitcoin Loans—Here’s What to Know appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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