TREE NEWS update: Coinbase has rolled out fixed-rate USDC loans collateralized by bitcoin through an integration with Morpho Midnight, letting borrowers lock in both the rate and a repayment maturity date. The product runs alongside Coinbase’s existing floating-rate lending on Morpho Blue, which carries over $1.4 billion in outstanding loans and about $3 billion in collateral. Morpho said Midnight is deployed on Base with roughly $30 million in deposits; Coinbase offers end-of-this-month and end-of-next-month maturities.
Coinbase Launches Fixed-Rate USDC Loans Backed by Bitcoin via Morpho Midnight
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AI take
The notable shift here is structural, not promotional: fixed-rate, fixed-maturity credit is the piece crypto lending has long lacked, and it is what makes bitcoin-collateralized borrowing legible to treasury desks that cannot manage a floating rate. Coinbase's existing Morpho Blue book shows the demand is already there; Midnight is the experiment in whether term structure can be layered on top without fragmenting liquidity. Whether borrowers migrate from floating to fixed, and whether Midnight's much smaller deposit base can absorb that flow, is the open question.
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