Morpho said deposits in its Midnight lending market have topped $100 million, as Coinbase uses it for a fixed-rate loan product that was Morpho Midnight’s first enterprise deployment.
Coinbase’s product enables fixed-rate borrowing in USDC, a dollar-backed stablecoin, against Bitcoin (BTC) collateral. Each loan starts with a set rate and repayment date. The Coinbase product was Morpho Midnight’s first enterprise deployment.
Lenders post the price and amount they are willing to offer, and borrowers choose among available offers. Markets can define the borrowing term, accepted collateral and liquidation settings.
Base handles settlement within the arrangement. Coinbase manages the product experience, while Morpho provides the credit infrastructure. EconoTimes previously examined fixed and variable terms across tokenized credit markets in its report on borrowing-cost swings.
