Coinbase launches fixed-rate bitcoin-backed USDC loans powered by Morpho Midnight on Base.
Coinbase Users Can Now Take Out Bitcoin-Backed USDC Loans at a fixed rateso borrowers know their total interest bill and due date from day one. The product runs on Morpho Midnight, the lending protocol’s fixed-term engine, on Base.
What’s the scoop?
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Fixed or floating: Coinbase’s existing Morpho loans float, so costs may increase when borrowing demand increases. The new option supports them for borrowers who want to know exactly what they will owe and when.
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Midnight general public: Coinbase is the largest app to connect to Midnight so far. Morpho CEO Paul Frambot presented this as the start of a scaling phase, with more loan types arriving on fintech-style front-ends built on DeFi.
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Borrowing for builders: In addition, the Coinbase development platform revealed Borrow for CDP walletswhich allows third-party applications to offer cryptocurrency-backed USDC loans on Morpho Blue. Launch collaterals include cbBTC, cbETH, cbXRP, and SOL, and developers can charge their own origination fees.
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