Coinbase adds fixed-rate bitcoin-backed loans on Base

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Coinbase fixed-rate bitcoin loans

Highlights

Coinbase launched fixed-rate bitcoin-backed loans via Morpho Midnight, letting users choose repayment at month-end or next month, with fixed terms.
Coinbase's lending business now offers both fixed and variable-rate options, already holding over $1.4 billion in outstanding loans backed by $3 billion in collateral.
Morpho Midnight integration on Base represents its first large-scale consumer rollout, with Morpho protocols totaling $5.2 billion in loans and $16 billion in deposits.

Fixed-term borrowing expands Coinbase credit menu

As reported by The Block, Coinbase has introduced fixed-rate bitcoin-backed loans through Morpho Midnight, giving users a new on-chain borrowing option with terms set upfront. Customers can choose repayment at the end of the current month or the next month, while lenders retain a claim on the collateral if a loan goes unpaid.

The product adds to Coinbase's variable-rate lending business, which has more than $1.4 billion in outstanding loans backed by roughly $3 billion in collateral. Users can now choose between fixed-rate and variable-rate structures depending on how they want to manage borrowing costs and repayment timing.

Jacob Frantz, product lead at Coinbase, says Coinbase Borrow gives customers access to liquidity without having to sell their assets, and that fixed-rate borrowing adds more choice in how they manage that credit.

Morpho integration highlights on-chain lending scale

Morpho launched Midnight on Base in July to bring fixed rates and defined loan terms to on-chain lending. The protocol supports market makers, and the Coinbase rollout marks what the article describes as the first major consumer platform integration at scale.

Morpho Midnight reportedly has about $30 million in deposits as the rollout continues. Morpho Blue, the variable-rate protocol, has $5.2 billion in outstanding loans and $16 billion in deposits across platforms, underscoring the larger market for crypto-backed borrowing products.

In our earlier report on Circle’s deepening partnership with Binance, we covered the exchange’s roughly $100 million equity stake in the USDC issuer and a five-year commercial deal to promote USDC on Binance. The agreement also included monthly incentive payments from Circle to Binance, underscoring how major crypto platforms and issuers are using strategic partnerships to expand distribution and usage of key on-chain financial products.

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