Coinbase rolls out fixed-rate bitcoin-backed loans

VERA Brief

AI-generated. Grounded in the article and its cited sources.

Coinbase has launched a new lending product allowing users to borrow USD Coin (USDC) against their Bitcoin holdings at a fixed interest rate. This service, facilitated through the Morpho Midnight protocol, aims to provide greater certainty for borrowers in the cryptocurrency market and expands Coinbase's financial product offerings.

Key facts

• Coinbase has introduced a new lending product that allows users to borrow USD Coin (USDC) against their Bitcoin collateral.
• The loans offered have a fixed interest rate, providing predictable borrowing costs.
• This service is made available through the Morpho Midnight protocol.
• Users can deposit Bitcoin to secure a loan in USDC.
• The introduction of fixed-rate loans aims to offer greater certainty for borrowers in the cryptocurrency market.