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BTC Coinbase launches fixed-rate bitcoin mortgage based on Morpho Midnight
According to Morpho's announcement on September 22, 2026, Coinbase has officially launched a fixed-rate bitcoin (BTC) mortgage service supported by Morpho Midnight technology. The service allows users to borrow USDC with BTC as collateral and lock in interest rates and repayment dates when loans are issued. The move adds a more predictable borrowing option to Coinbase's existing variable-rate lending products. Currently, Coinbase's variable-rate lending products have accumulated a considerable active loan base.
Coinbase fixed-rate bitcoin mortgage operating mechanism
Bitcoin as collateral
The basic principle of bitcoin mortgages is that the borrower locks in BTC as collateral in exchange for the liquidity of another asset (in this case, USDC). During this process, borrowers retain exposure to fluctuations in bitcoin prices, but spend or deploy borrowed USDC without having to sell their bitcoin holdings. In the agreement, Coinbase used cbBTC as collateral assets.
Morpho provides credit infrastructure, while Base (Coinbase's Ethereum Layer 2 network) serves as the settlement layer. This means that loan origination and settlement are on-chain, with Morpho Midnight's fixed-term engine handling interest rates and maturity structures.
What a fixed interest rate means to borrowers
与借贷成本可能随协议需求而变化的可变利率产品不同，固定利率贷款从第一天起就确定了应付利息和到期日。根据 Bankless 的报道，借款人在建立头寸时即可知晓总利息账单和还款截止日期，从而消除了去中心化金融（DeFi）借贷市场中浮动利率带来的不确定性。
这种固定利率选项是与 Coinbase 现有的由 Morpho 支持的可变利率贷款并存的，而非替代关系。Morpho 表示，现有贷款产品的活跃贷款规模已超过 14 亿美元。
数据显示，这些活跃贷款背后有约 30 亿美元的抵押品支撑，反映了该固定利率产品所扩展的借贷基础规模。
读者在开立任何头寸之前，应直接向 Coinbase 核实当前的产品条款、利率表和资格标准，因为具体参数可能会在发布后发生变化。
在使用比特币作为抵押品前，借款人应审查的事项
比特币价格波动性与抵押品要求
比特币交易价格接近 86,268 美元，24 小时变化约为 -0.47%，市值超过 1.7 万亿美元。虽然单日价格波动看似温和，但比特币的历史波动性意味着在固定的贷款期限内，抵押品价值可能会发生显著变化。借款人应评估自己是否能够在整个固定期限贷款期间维持所需的抵押品比率。
The current "Fear and Greed Index" reading at 78 is classified as "extreme greed", indicating high market sentiment. Historically, periods of high sentiment have often been accompanied by sharp reversals, which will affect the collateral valuation of any active Bitcoin mortgage.
Repayment, fees and clearing terms
Fixed rate loans eliminate uncertainty in interest rates, but do not eliminate collateral risk. If the price of Bitcoin falls significantly before the repayment date, the borrower may face additional collateral notices or liquidation based on the agreed loan-to-value ratio (LTV) threshold. Potential borrowers should carefully read product agreements that cover liquidation triggers, any initial or prepayment costs, and the consequences of missing a fixed repayment date.
Coinbase's expanding product line makes it critical to understand the differences in risk structures of each product, especially before committing collateral.
Why fixed-rate Bitcoin loans are significant to Coinbase users
Interest rate predictability and the risk of pledging Bitcoin
固定利率的主要吸引力在于预算的清晰度：需要在特定时期内获取 USDC 流动性的借款人可以预先计算确切成本，而不是看着利息支出随 DeFi 市场状况波动。对于那些将比特币视为长期持仓且希望在不卖出的情况下对其进行借贷的用户来说，这种可预测性具有重要意义，尽管它并不能降低质押高波动性资产的固有风险。
Coinbase 选择在 Base 网络上并通过 Morpho 构建该产品，与其更广泛地致力于确立 Base 作为可信 DeFi 结算层的战略保持一致。现有可变利率版本产品中高达 30 亿美元的抵押品基础，显示了机构和个人投资者对大规模比特币抵押贷款的需求。此外，Coinbase 也在积极扩大金融基础设施，例如其与贝莱德（BlackRock）等机构玩家的托管关系，以及针对美国永续合约的衍生品申请。
据 Bitcoin.com News 报道，该固定利率产品已向除纽约州以外的合格美国用户开放。有意探索该产品的用户应在申请前查看 Coinbase 的最新披露信息，以获取最新的资格条件、利率和抵押品要求，因为发布时的条件可能在公告日期后发生变化。
