Coinbase launched fixed-rate Bitcoin collateralized USDC loans, with existing active loans exceeding 1.4 billion dollars

Coinbase has launched fixed-rate loans supported by the decentralized lending protocol Morpho, allowing users to collateralize Bitcoin to borrow USDC, locking in the interest rate and repayment date at the start of the loan. This product marks the first enterprise-level deployment of Morpho Midnight, with Coinbase responsible for the application experience, Morpho providing the credit infrastructure, and the Base network handling settlement.

The existing active scale of Coinbase's Morpho floating-rate loans has exceeded 1.4 billion dollars, corresponding to collateral of about 3 billion dollars. This business will launch Bitcoin collateralized lending in early 2025, with plans to expand collateral to assets such as XRP and Dogecoin.