Coinbase added fixed-rate BTC-backed USDC loans through Morpho's "Midnight" product, live on Base since July. The exchange already runs floating-rate Morpho Blue loans with $1.4B+ outstanding against roughly $3B in collateral.
On-chain lending and BTC-collateralized credit keep inching toward the mainstream, and this is another step in that direction.
🌐 From @muur_posts