Morpho, the blockchain-based network for digital asset credit markets, today announced that Coinbase has launched fixed-rate, fixed-maturity crypto-backed loans powered by Morpho Midnight.

The launch marks the first enterprise-scale integration of Morpho Midnight, shortly after the protocol’s debut, bringing fixed-rate onchain credit directly to users through the Coinbase app. Coinbase users can now borrow USDC against their BTC, with their borrowing rate and repayment date fixed from the outset. The move takes onchain borrowing beyond the predominantly variable-rate model, giving users greater certainty over the cost and duration of their borrowing.

The new product sits alongside Coinbase’s existing Morpho-powered variable-rate loans, which have grown to more than $1.4 billion in active loans backed by approximately $3 billion of collateral. Users can now choose between the flexibility of variable-rate borrowing and the predictability of a fixed rate and defined maturity.

This integration expands Coinbase’s existing use of Morpho. Coinbase retains control of the user experience, while Morpho provides the underlying credit infrastructure and Base acts as the settlement layer.

“Fixed rates and defined maturities are fundamental to how credit markets work, and bringing them to a platform at Coinbase’s scale is an important step for onchain lending,” said Paul Frambot, CEO and co-founder of Morpho. “What is particularly significant is how quickly Coinbase has been able to build on Midnight. It shows that fintechs can use open infrastructure to launch sophisticated credit products without having to recreate the underlying credit stack themselves.”

“Coinbase Borrow gives our customers access to liquidity without having to sell their assets, and fixed-rate borrowing gives them even greater choice over how they manage that credit,” said Jacob Frantz, Yield & Investments product lead at Coinbase. “By adding fixed rates and defined maturities alongside our existing variable-rate offering, customers can choose the structure that best fits their needs while continuing to access borrowing directly through Coinbase.”

Morpho Midnight enables lenders and borrowers to set defined rates and maturities, with loans executed onchain through market-based pricing. The protocol is designed to support a broader range of credit products, including crypto-backed lending, structured credit and financing backed by tokenised real-world assets.