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BTC Coinbase launches fixed-rate crypto loans to deepen its on-chain credit layout
Coinbase is expanding its crypto lending business with a new product that allows customers to borrow USDC using Bitcoin as collateral and adopt a fixed interest rate. The exchange launched this fixed-term, fixed-rate loan product through the Morpho Midnight agreement, with the borrowing interest rate and repayment date determined at the time the loan is opened. The service runs on Coinbase's Ethereum Layer-2 Network Base.
This is different from Coinbase's existing loans backed by Morpho Blue, whose interest rates fluctuate based on borrowing demand. Currently, the active loan scale of these floating rate products has exceeded US$1.4 billion, backed by approximately US$3 billion in collateral.
Deepening the field of on-chain credit
The maturity date of the term loans currently provided by Coinbase is divided into the end of the current month or the end of the next month."The end of the month" is defined as the last Friday of the current month. Interest rates are determined through supply and demand, and lenders and borrowers submit quotations through Morpho Midnight's online market.
This structure provides Bitcoin holders with a new way to gain liquidity without selling BTC. This is particularly attractive for investors who want to obtain dollar-denominated funds while retaining exposure to Bitcoin.
Morpho Midnight 于今年 7 月仅在 Base 网络上启动，这使得 Coinbase 成为其最早的大规模集成方之一。Morpho 表示，该协议未来可能支持由加密货币以外的资产（包括代币化股票和其他现实世界资产）支持的信贷产品。
这一机会潜力巨大。据估计，比特币支持的信贷市场规模约为 160 亿美元，而研究表明，随着加密抵押品与传统信贷市场的整合程度加深，该市场规模可能会显著增长。Protocol Theory 于 2026 年对美国和澳大利亚的 1,244 名加密持有者进行的调查也发现，88% 的人考虑使用加密支持的贷款或信用产品。
然而，COIN 股价对该公告几乎没有即时反应。9 月 22 日，Coinbase 股票收于 201.07 美元，当日仅微涨 0.01%，交易区间大致在 197 至 203 美元之间。盘前交易中，该股下跌约 1.7%，报 197.60 美元。
尽管如此，COIN 近期随着更广泛的加密市场走势而走强。截至周二收盘，该股在过去一个月内上涨了约 16% 以上。
