Coinbase launches fixed-rate Bitcoin-backed loans with maturity risk after repayment deadline

Coinbase and Morpho introduced fixed-rate Bitcoin-backed USDC loans on September 22, 2026, using Morpho Midnight, a fixed-rate lending protocol. Borrowers must repay the full loan by the set maturity date or face liquidation, even if the collateral remains healthy. Early repayment does not reduce interest owed. Loans operate alongside Coinbase’s variable-rate options, which have no fixed due date.