Coinbase has added fixed-rate, bitcoin-backed USDC loans to Coinbase Borrow, powered by Morpho's Midnight protocol on Base, giving borrowers a locked rate and repayment date instead of the variable rates that dominate onchain lending.
Loans mature on the last Friday of the current or the following month, with the interest rate and payoff amount fixed the moment a borrower opens the position. Coinbase runs the app experience while Morpho supplies the lending protocol, and every loan settles on Base. Borrowers who miss the maturity date risk having their bitcoin collateral claimed by lenders.
Fixed terms mark a shift for a market long ruled by floating rates: Morpho's variable-rate markets already carry about $1.4B in outstanding loans against $3B of collateral. "Fixed-rate borrowing gives customers even greater choice over how they manage that credit," said Coinbase product lead Jacob Frantz.
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