Coinbase通过...推出固定利率比特币抵押贷款

Coinbase 固定利率比特币支持贷款运作机制解析

Coinbase 通过 Morpho Midnight 推出了固定利率的比特币支持贷款，为用户提供了一种在不出售比特币的情况下借入 USDC 的新途径。用户在开立贷款时即可锁定借款利率和还款日期。该产品与 Coinbase 现有的由 Morpho Blue 驱动的浮动利率借贷服务并存。

目前，浮动利率贷款的未偿还余额已超过 14 亿美元，抵押品总值约为 30 亿美元。随着 Coinbase 向定期信贷领域扩展，其已建立起稳固的用户基础。现在，Coinbase 用户可以在两种模式之间进行选择：一种是受市场条件影响、成本可能变化的浮动利率贷款；另一种则是具有预定利率和到期日的 Midnight 贷款。

在这一生态中，Coinbase 负责管理面向客户的体验，Morpho 提供底层借贷基础设施，而交易则在 Base 网络上结算。此次扩展建立在 Coinbase 不断增长的加密资产支持信贷业务基础之上。此前，Coinbase 已将针对加密资产的 USDC 借贷服务扩展至英国客户，并随后将 Solana 纳入其链上借贷产品。

Coinbase 收益与投资产品负责人 Jacob Frantz 表示：“Coinbase Borrow 让客户无需出售资产即可获得流动性，而固定利率借贷则让他们在管理信贷方面拥有更多的选择权。”

Morpho Midnight 与 Morpho Blue 的区别

Morpho launched Midnight on the Base Network in July as an alternative to the floating-rate lending model that dominates the decentralized finance (DeFi) space-the fixed-rate, fixed-term model. Midnight does not rely on an interest rate formula that adjusts as liquidity conditions change, but instead allows lenders and lenders to submit quotes through an on-chain order book. Interest rates are determined by the prices to which these quotes match, allowing borrowers to know in advance their repayment obligations.

Coinbase is the first major consumer platform to distribute Midnight loans on a large scale. The agreement is currently in its early roll-out phase, with deposits of about $30 million; by contrast, the larger Morpho Blue network has about $5.2 billion in outstanding loans and $16 billion in deposits in its integrated applications. It's important to note that these broader Morpho numbers aren't just for Coinbase, they reflect the maturity difference between the mature floating rate system and Midnight, which only launched in July.

Coinbase has not disclosed the specific fixed rates available to borrowers. Instead, interest rates are determined by supply and demand, with borrowers and lenders setting prices by submitting offers to the Midnight market.

Investor Revelation

Fixed rate lending eliminates one of the main uncertainties associated with DeFi credit: variable interest costs. A greater opportunity for Coinbase lies in transforming on-chain lending from a native cryptocurrency product to a more traditional credit experience with known interest rates and repayment dates.

Processing of Coinbase fixed rate loans after maturity

Coinbase initially offered a relatively short period. Borrowers can choose loans that mature at the end of the current month or at the end of the following month, with "end of the month" defined as the last Friday of the month. Debts must be repaid before the maturity date. If repayment is not made on time, the lender has the right to forfeit the collateral secured the position.

This structure is significantly different from Coinbase's floating-rate loans, which do not have the same fixed repayment deadline. The trade-off is predictability: Borrowers know the cost of financing when they enter the loan, but must also accept a specific final settlement date.

For Bitcoin holders, like other crypto-asset-backed credit products, its attraction is to gain dollar liquidity while maintaining exposure to BTC. Coinbase has been extending the concept beyond simple personal borrowing, including a separate plan that allows eligible U.S. homebuyers to use Bitcoin as collateral for down-payment.

Can fixed-rate credit push on-chain lending beyond crypto traders?

The bigger question is whether predictable loan terms can make blockchain-based credit useful to customers who are uncomfortable with fluctuations in interest rates over the borrowing period. Fixed interest rates and clear maturity dates are closer to traditional credit products than traditional DeFi money markets. This may make infrastructure easier to use for corporate treasuries, institutional borrowers, and structured financing products that require advance knowledge of future financing costs.

Morpho 还将代币化现实世界资产（RWA）和结构化信贷确定为 Midnight 的潜在用途，预计还会有进一步的整合。目前没有披露额外的分销合作伙伴或发布日期。就目前而言，Coinbase 提供了最清晰的测试案例。其现有的由 Morpho 支持的贷款未偿还借款额已达到 14 亿美元以上。如果相当一部分用户选择固定期限，Midnight 可能会证明可预测的定价能否将链上借贷扩展到 DeFi 信贷赖以建立的浮动利率模型之外。