Morpho introduced Morpho Midnight on July 21 on Base, starting with a cbBTC/USDC market and offering fixed-rate, fixed-term onchain loans. The product complements Morpho Blue, which handles variable-rate, open-term loans, through an offer-based system in which borrowers and lenders set rates, maturities and collateral requirements. Lenders can post offers specifying acceptable collateral, interest rates and loan durations, while borrowers select suitable terms. Offchain-signed offers defer gas costs until matching, partial fills allow borrowers to draw only part of an offer, and capital-efficient callbacks support multiple DeFi operations in one transaction. Multi-market offers allow one lender’s capital to serve several markets. Coinbase, which had more than $1.4 billion in ongoing Morpho Blue loans as of September 2026, plans to offer fixed-rate crypto-backed loans through Midnight. Robinhood has reported more than $250 million in Earn deposits supporting Midnight’s fixed-rate offerings. Morpho raised $175 million in June 2026 in a round co-led by Paradigm and a16z, partly through MORPHO token purchases. The protocol describes its two-product architecture as a way to expand onchain lending toward the roughly $200 trillion global credit market, while onchain credit is estimated at $60 billion. Its noncustodial design keeps assets under users’ control and supports integration with regulated entities such as Coinbase and Robinhood.