Morpho Launches Fixed-Rate Credit Markets on Base With Lender Offers
Morpho Midnight adds fixed maturities and market-priced borrowing to Base, with Coinbase launching the first enterprise deployment on Sept. 22.
Morpho launched Morpho Midnight on July 21, adding fixed-rate, fixed-term onchain credit to Base through lender offers and giving borrowers a defined maturity alongside predetermined borrowing costs.
The noncustodial protocol began with a cbBTC/USDC market and a limited range of maturities. Lenders can publish offers specifying price and size, while individual markets define the loan token, maturity date, collateral assets, oracles and liquidation parameters.
Borrowers execute available offers onchain. The structure differs from Morpho Blue, whose isolated markets use variable rates set by an interest-rate model. Midnight uses market-priced offers instead, allowing lenders to set terms directly and borrowers to choose among available liquidity.
Multi-market offers can allocate capital across several markets and maturities at once. “Multi-market offers will be live day one,” Morpho co-founder Paul Frambot said in a launch preview.
Onchain credit is estimated at about $60 billion, compared with roughly $200 trillion in annual offchain credit origination. Morpho also raised $175 million in a June 2026 funding round co-led by Paradigm, a16z crypto and Ribbit.
Coinbase launched fixed-rate USDC loans backed by Bitcoin (BTC) on Sept. 22, making the product the first enterprise deployment of Morpho Midnight. Borrowers receive a fixed rate and repayment date, while the loan runs through the Morpho-powered infrastructure on Base. The launch builds on Coinbase’s earlier fixed-rate Bitcoin lending product.
Coinbase’s existing Morpho-powered variable-rate loans exceeded $1.4 billion in active loans and were backed by about $3 billion in collateral as of Sept. 22.
Robinhood began a progressive rollout of Robinhood Earn to eligible U.S. users in July. The product uses USDG and a self-custody wallet, and Robinhood Earn deposits exceeded $250 million by Aug. 5.
“Decentralized finance technology works best as infrastructure, allowing brands and institutions to offer products that are more open, more transparent and more competitive than those built on traditional financial rails,” Frambot said.
Midnight’s initial rollout is limited to Base, the cbBTC/USDC market and selected maturities, with additional features scheduled for later releases.
