Coinbase Gives Bitcoin Borrowers a Fixed Rate—and a Real Repayment Date

By Isaac • September 23, 2026 7:26 am •

Crypto-backed loans have always come with an awkward tradeoff: you keep your Bitcoin, but the cost of borrowing can move underneath you.

Coinbase is now trying to make that bargain easier to price. The exchange has launched fixed-rate USDC loans backed by Bitcoin, using Morpho Midnight for the credit infrastructure and Base for settlement.

Borrowers see both the rate and the repayment date at the beginning instead of accepting a rate that changes with onchain supply and demand.

That may sound like a small product tweak. It is actually a meaningful step toward making decentralized credit behave more like the loans people already understand.

According to Morpho’s launch announcement, eligible Coinbase users can borrow USDC against