Overview
- Coinbase, which launched the product on Tuesday, Sept. 22, 2026, now offers fixed‑rate USDC loans collateralized by cbBTC inside its consumer app.
- The fixed‑rate markets run on Morpho Midnight on the Base network with Coinbase as the customer interface, Morpho providing the lending protocol, and Base handling onchain settlement.
- Borrowers lock both the interest rate and a fixed maturity when they accept an onchain offer and must repay before that date or lenders can claim the cbBTC collateral.
- Coinbase currently offers maturities that either end on the last Friday of the current month or the last Friday of the next month and converts pledged bitcoin into cbBTC that it posts to Morpho contracts on Base.
- Adoption is modest so far with Midnight holding about $30 million in deposits versus more than $1.4 billion in outstanding loans and roughly $3 billion of collateral on Coinbase’s variable Morpho Blue product, and Morpho says Midnight could later support tokenized real‑world assets.