Coinbase and Morpho Launch Fixed-Rate Bitcoin Loans on Base

coinbase announced fixed-rate loans backed by Bitcoin, built by @Morpho Midnight and running on @Base. Base lead jessepollak amplified the launch on Sept. 22, 2026, signaling the product's place in the network's lending stack.

The offering lets Bitcoin holders retain their BTC while accessing liquidity, with the interest rate and repayment dates fixed at origination rather than adjusting with market utilization — the model most onchain lending markets use. According to the announcement, borrowers can lock in both their rate and their repayment schedule before drawing the loan.

@Morpho is an established DeFi lending protocol; Midnight is the product line handling this deployment. @Base is the Ethereum Layer 2 incubated by Coinbase and launched in 2023, which has grown into one of the largest L2 ecosystems by activity. Pollak, who created Base and leads the team at Coinbase, frequently uses his account to surface applications built on the network.

The announcement did not disclose loan-to-value ratios, supported collateral beyond Bitcoin, rate ranges, or whether the product is available in all jurisdictions.

What to Watch

Fixed-rate credit has been a persistent gap in onchain lending, where borrower costs can shift block to block. Whether Coinbase and Morpho can scale the model — and at what terms — will determine if it becomes a template for other Bitcoin-denominated lending products on Base.