# Coinbase Launches Fixed-Rate Crypto Loans Through Morpho on Base

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/23408
Published: 2026-09-23T16:47:49.000Z
Updated: 2026-09-23T16:47:49.000Z

Coinbase launched fixed-rate, fixed-term crypto-backed loans through Morpho Midnight on Base, giving borrowers the ability to set borrowing costs and repayment dates in advance.

The product, launched Sept. 22, 2026, expands Coinbase’s variable-rate USDC lending service on Base. That service launched Jan. 16, 2025, using Bitcoin (BTC) as collateral converted into Coinbase Wrapped Bitcoin (cbBTC) while borrowers receive USDC.

The Coinbase-Morpho integration has processed more than $3 billion in USDC loans. More than $1.3 billion is active across nine collateral markets, alongside more than $3 billion in collateral.

Coinbase’s Core and High Yield USDC vaults hold more than $500 million in active lending deposits. The High Yield USDC vault launched in June 2026 and received more than $280 million during its first two months.

Borrowing limits include up to $5 million in USDC against Bitcoin and up to $1 million against Ether (ETH). Customers can also borrow up to $100,000 against SOL, ADA, XRP, LTC or DOGE.

“Coinbase has made onchain financial services more accessible to millions by integrating Morpho on Base,” Max Branzburg, Coinbase vice president of product, said.

Morpho supplies the lending infrastructure, while Coinbase manages the user experience and market parameters. Lending activity runs onchain through Morpho and Base, and Steakhouse Financial curates the associated USDC vaults.