Coinbase has launched fixed-rate loans supported by decentralized lending protocol Morpho, allowing users to pledge Bitcoin as collateral and borrow USDC with the interest rate and repayment date fixed when the loan begins. The product is the first enterprise deployment of Morpho Midnight: Coinbase manages the application experience, Morpho supplies the credit infrastructure, and Base handles settlement. Coinbase’s existing Morpho variable-rate lending business has more than $1.4 billion in active loans backed by about $3 billion of collateral. The company introduced Bitcoin-backed borrowing in early 2025 and later expanded eligible collateral to assets including XRP and Dogecoin, Decrypt reported.