Coinbase to Launch Bitcoin-Backed USDC Loans Through Morpho Midnight
JH Kim
Summary
- Coinbase said it will launch a fixed-rate, fixed-term loan product that allows users to borrow USDC against Bitcoin (BTC) collateral.
- The lending service will be offered through Morpho's Midnight.
- Coinbase said the fixed loan terms are designed to help users predict interest rates and repayment schedules for on-chain loans in advance.
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Coinbase is launching a fixed-rate, fixed-term loan product that allows users to borrow USDC against Bitcoin collateral.
Cointelegraph reported on Sept. 23 that the lending service will be offered through Midnight, a product of decentralized finance protocol Morpho.
Users can post Bitcoin as collateral and borrow USDC at preset rates and for fixed terms.
Coinbase said the fixed loan terms are intended to help users predict interest costs and repayment schedules for on-chain loans in advance.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.