Coinbase launches fixed-rate Bitcoin-collateralized USDC loans

Coinbase has introduced fixed-rate loans supported by the decentralized lending protocol Morpho, allowing users to collateralize Bitcoin to borrow USDC with locked interest rates and repayment dates. This product marks the first enterprise-level deployment of Morpho Midnight, with Coinbase managing the user experience, Morpho providing credit infrastructure, and the Base network handling settlement. Coinbase's existing floating-rate Morpho loans have exceeded $1.4 billion in active volume, backed by approximately $3 billion in collateral. The service launched for Bitcoin in early 2025, with plans to expand collateral support to assets such as XRP and Dogecoin.