Coinbase Launches Fixed-Rate Bitcoin Loans as Active Book Tops $1.4B
Borrowers can use Bitcoin as collateral for USDC while locking the interest rate and repayment date at the start of the loan.
Coinbase launched fixed-rate USDC loans backed by Bitcoin (BTC), allowing borrowers to lock the interest rate and repayment date when the loan begins.
The product is supported by Morpho and represents the first enterprise deployment of Morpho Midnight. Coinbase manages the user experience, while Morpho provides the credit infrastructure and Base handles settlement.
Coinbase’s existing floating-rate lending book on Morpho has surpassed $1.4 billion in active loans, with about $3 billion in collateral. The exchange introduced Bitcoin-backed lending in early 2025 and later expanded eligible collateral to include XRP and Dogecoin.
The new offering gives borrowers a fixed borrowing cost and a defined repayment date, while extending Coinbase’s existing crypto-backed lending business.
