Coinbase Launches Fixed-Rate Bitcoin-Collateralized USDC Loans via Morpho Midnight

Fixed-rate, fixed-term lending is a meaningfully different product from the floating-rate book Coinbase already runs through Morpho, because it shifts rate risk off the borrower and makes the cost of carry knowable at origination. The trade-off is hard maturity: liquidation risk now concentrates on a single repayment date rather than drifting with a floating rate, which matters for leveraged holders who treat bitcoin as long-term collateral. The scale of the existing floating-rate book shows real demand for borrowing against bitcoin without selling it. Whether fixed-rate terms draw comparable volume, and how maturities behave in volatile markets, is the open question.