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XRP Coinbase 推出基于 Morpho 协议的固定利率比特币贷款服务
Coinbase 近日推出了一项新功能，允许用户在不出售比特币的情况下获取现金。该服务通过去中心化借贷协议 Morpho 提供支持，标志着平台在链上信贷产品上的重要升级。
锁定利率与还款日期，提供确定性体验
该产品于周二正式宣布，允许 Coinbase 用户以比特币作为抵押品借入 USDC 稳定币。与传统模式不同，新产品的利率和还款日期在贷款开始时即被锁定。这打破了长期以来主导链上借贷市场的浮动利率模式——在旧模式下，借贷成本随市场条件波动，且可能不可预测地上升。现在，用户可以在贷款成本和期限两方面获得更高的确定性。
Morpho Midnight 首次企业级部署
此次发布是 Morpho Midnight 的首次企业级部署。Morpho Midnight 是 Morpho 协议的新版本，专为支持固定利率和明确到期日而构建，其贷款定价和执行均在加密货币网络原生完成。在此合作架构中，Coinbase 通过其应用程序控制用户体验，Morpho 提供底层信用基础设施，而 Coinbase 的 Base 网络则负责结算处理。
业务规模显著增长，抵押品范围扩大
The fixed-rate option will coexist with Coinbase's existing Moro-backed floating-rate loans. Coinbase launched bitcoin-backed lending services on the Base network as early as early as 2025, when it relied on Morpho as a technology provider. According to Morpho, the business is growing rapidly and currently has more than $1.4 billion in active loans backed by approximately $3 billion in collateral.
Since its launch, Coinbase has continued to expand its services, once reducing service costs for U.S. borrowers to surpass competitors, and expanding the range of collateral it accepts from Bitcoin to a variety of assets including XRP and Dogecoin.
Addressing market volatility risks
However, the advancement of this lending business has not been without waves. In February, the sharp decline in Bitcoin and Ethereum prices led to a record liquidation of Coinbase's loan portfolio, highlighting the inherent risks of using highly volatile assets as collateral.
Promote on-chain lending towards traditional credit standards
Fixed interest rates and set repayment dates are the foundation of traditional credit markets. Introducing such products to a large-scale platform like Coinbase is a landmark step for the on-chain lending sector that previously relied mainly on floating interest rates. Morpho said that the rapid construction and integration of these functions proves that fintech companies can superimpose complex credit products on top of open infrastructure without rebuilding the underlying architecture.
尽管此次集成始于比特币，但 Morpho 指出，该协议的设计初衷是最终支持代币化股票和其他现实世界资产（RWA）。
