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BTC Coinbase launches fixed-rate options with Morpho Midnight
Coinbase has expanded its on-chain lending suite to U.S. customers (excluding New York State residents) with fixed-rate loans backed by Bitcoin (BTC). The product is built on the @MorphoMidnight protocol running on the Base Layer 2 network, allowing borrowers to lock in specific interest rates and repayment dates before withdrawing funds.
Background and Product Positioning
Morpho launched Midnight on the Base Network in July, aiming to introduce fixed interest rates and clear loan terms into on-chain lending, where lending rates were previously often volatile. According to a Morpho spokesperson, Coinbase is the first major consumer-grade platform to provide large-scale loans through Midnight.
This new product enriches Coinbase's existing Moro-backed floating rate loan service, allowing users to choose between two structures. Morpho pointed out that the outstanding balance of floating rate loans currently exceeds $1.4 billion, with the corresponding collateral value of approximately $3 billion.
Loan Operation Mechanism
When a borrower initiates a loan through Coinbase's Morpho integration, the BTC it holds will be converted to Coinbase Wrapped BTC (cbBTC) and transferred to Morpho smart contracts to be held as collateral.
随后，产生的 USDC 收益将直接存入借款人的 Coinbase 账户。这种固定利率结构与浮动模型形成了鲜明对比：在浮动模式下，利率由 Morpho 根据市场状况自动计算，并可能随 Base 区块链上生成的每个区块而变化。
市场数据与未来展望
随着 Midnigh 协议的持续推广，目前其存款规模约为 3000 万美元。相比之下，Morpho 更广泛的浮动利率协议 Morpho Blue 在所有集成渠道中持有的未偿还贷款总额达 52 亿美元，存款总额高达 160 亿美元。
目前，该贷款服务面向美国客户开放（不包括纽约州），并计划进一步拓展至更多市场。
