{
  "version": 1,
  "event_id": "evt_6b6fcb873789c504",
  "url": "https://xiyu.news/events/evt_6b6fcb873789c504/",
  "json": "https://xiyu.news/api/events/evt_6b6fcb873789c504.json",
  "type": "other",
  "status": "monitoring",
  "category": "crypto",
  "title": {
    "zh": "以固定利率抵押比特币借款：Coinbase 扩展 Morpho 贷款业务",
    "en": "Borrow Against Your Bitcoin at a Fixed Rate: Coinbase Expands Morpho Loans"
  },
  "current_state": {
    "zh": "Coinbase 于周二宣布推出固定利率 USDC 贷款，用户可抵押比特币借入 USDC，利率与还款日期在借款之初即被锁定。该产品是 Morpho Midnight 首次在企业级规模上落地——Midnight 是 Morpho 协议支持固定利率与明确期限的新版本，并将与 Coinbase 现有的、同样由 Morpho 驱动的浮动利率贷款业务并行提供。\n\n固定利率与固定还款日期是传统信贷市场的基础，而将这一机制引入 Coinbase 这种规模的平台，对长期以浮动利率为主的链上借贷而言是一次显著进展。Morpho 将此次开发速度视为一项佐证：金融科技公司可以在开放基础设施之上叠加复杂的信贷产品，而无需重建底层技术栈。\n\nCoinbase 通过其 App 掌控用户体验，Morpho 提供底层信贷基础设施，结算则由 Coinbase 的 Base 网络处理。该固定利率选项与 Coinbase 现有的、由 Morpho 驱动的浮动利率贷款并存，后者目前活跃贷款规模超过 14 亿美元，抵押品约为 30 亿美元；Coinbase 于 2025 年初首次在 Base 上推出比特币抵押借贷。Morpho 表示，此次集成以比特币为起点，但协议设计上未来可支持代币化股票及其他现实世界资产。",
    "en": "Coinbase launched fixed-rate USDC loans against Bitcoin collateral powered by Morpho, the first enterprise-scale deployment of Morpho Midnight, adding to its existing Morpho-based variable-rate book of over $1.4 billion in active loans."
  },
  "first_seen_at": "2026-09-23T23:02:41.250954+00:00",
  "last_updated_at": "2026-09-23T23:02:41.250954+00:00",
  "last_material_change_at": "2026-09-23T23:02:41.250954+00:00",
  "confidence": 0.75,
  "updates_count": 1,
  "sources_count": 1,
  "entities": [
    "against",
    "base",
    "borrow",
    "coinbase",
    "expands",
    "fixed",
    "loans",
    "morpho",
    "rate",
    "your"
  ],
  "identifiers": [],
  "topics": [
    "base",
    "bitcoin-collateral",
    "coinbase",
    "defi-lending",
    "morpho"
  ],
  "updates": [
    {
      "update_id": "upd_bfcef3b815e5be46",
      "event_id": "evt_6b6fcb873789c504",
      "occurred_at": "2026-09-23T18:15:06Z",
      "published_at": "2026-09-23T18:15:06Z",
      "first_seen_at": "2026-09-23T23:02:41.250954Z",
      "time_precision": "published",
      "update_type": "initial",
      "material_change": true,
      "title_zh": "以固定利率抵押比特币借款：Coinbase 扩展 Morpho 贷款业务",
      "title_en": "Borrow Against Your Bitcoin at a Fixed Rate: Coinbase Expands Morpho Loans",
      "what_changed_zh": "Coinbase 于周二宣布推出固定利率 USDC 贷款，用户可抵押比特币借入 USDC，利率与还款日期在借款之初即被锁定。该产品是 Morpho Midnight 首次在企业级规模上落地——Midnight 是 Morpho 协议支持固定利率与明确期限的新版本，并将与 Coinbase 现有的、同样由 Morpho 驱动的浮动利率贷款业务并行提供。\n\n固定利率与固定还款日期是传统信贷市场的基础，而将这一机制引入 Coinbase 这种规模的平台，对长期以浮动利率为主的链上借贷而言是一次显著进展。Morpho 将此次开发速度视为一项佐证：金融科技公司可以在开放基础设施之上叠加复杂的信贷产品，而无需重建底层技术栈。\n\nCoinbase 通过其 App 掌控用户体验，Morpho 提供底层信贷基础设施，结算则由 Coinbase 的 Base 网络处理。该固定利率选项与 Coinbase 现有的、由 Morpho 驱动的浮动利率贷款并存，后者目前活跃贷款规模超过 14 亿美元，抵押品约为 30 亿美元；Coinbase 于 2025 年初首次在 Base 上推出比特币抵押借贷。Morpho 表示，此次集成以比特币为起点，但协议设计上未来可支持代币化股票及其他现实世界资产。",
      "what_changed_en": "Coinbase launched fixed-rate USDC loans against Bitcoin collateral powered by Morpho, the first enterprise-scale deployment of Morpho Midnight, adding to its existing Morpho-based variable-rate book of over $1.4 billion in active loans.",
      "current_state_zh": "Coinbase 于周二宣布推出固定利率 USDC 贷款，用户可抵押比特币借入 USDC，利率与还款日期在借款之初即被锁定。该产品是 Morpho Midnight 首次在企业级规模上落地——Midnight 是 Morpho 协议支持固定利率与明确期限的新版本，并将与 Coinbase 现有的、同样由 Morpho 驱动的浮动利率贷款业务并行提供。\n\n固定利率与固定还款日期是传统信贷市场的基础，而将这一机制引入 Coinbase 这种规模的平台，对长期以浮动利率为主的链上借贷而言是一次显著进展。Morpho 将此次开发速度视为一项佐证：金融科技公司可以在开放基础设施之上叠加复杂的信贷产品，而无需重建底层技术栈。\n\nCoinbase 通过其 App 掌控用户体验，Morpho 提供底层信贷基础设施，结算则由 Coinbase 的 Base 网络处理。该固定利率选项与 Coinbase 现有的、由 Morpho 驱动的浮动利率贷款并存，后者目前活跃贷款规模超过 14 亿美元，抵押品约为 30 亿美元；Coinbase 于 2025 年初首次在 Base 上推出比特币抵押借贷。Morpho 表示，此次集成以比特币为起点，但协议设计上未来可支持代币化股票及其他现实世界资产。",
      "current_state_en": "Coinbase launched fixed-rate USDC loans against Bitcoin collateral powered by Morpho, the first enterprise-scale deployment of Morpho Midnight, adding to its existing Morpho-based variable-rate book of over $1.4 billion in active loans.",
      "detailed_summary_zh": "Coinbase launched fixed-rate USDC loans against Bitcoin collateral powered by Morpho, the first enterprise-scale deployment of Morpho Midnight, adding to its existing Morpho-based variable-rate book of over $1.4 billion in active loans.",
      "detailed_summary_en": "Coinbase launched fixed-rate USDC loans against Bitcoin collateral powered by Morpho, the first enterprise-scale deployment of Morpho Midnight, adding to its existing Morpho-based variable-rate book of over $1.4 billion in active loans.",
      "background_zh": "Morpho 是 2021 年成立的开源 DeFi 借贷网络，运行于以太坊及其他兼容 EVM 的区块链上，允许企业和应用创建定制化借贷市场。Morpho Midnight 是面向 EVM 实现的非托管固定利率借贷协议，围绕隔离的、不可变的、可无许可创建的市场来组织。贷款以 USDC 计价，USDC 是由 Circle 发行的全额储备稳定币，设计目标是维持与美元等值。这一借贷业务的推进并非一帆风顺：今年 2 月比特币和以太坊价格大幅下跌，导致 Coinbase 贷款账簿出现创纪录的清算，凸显了以波动性资产作抵押借款的风险。",
      "background_en": "Morpho is an open-source DeFi lending network established in 2021 that operates on Ethereum and other EVM-compatible blockchains, allowing businesses and applications to create customized lending markets. Morpho Midnight is a non-custodial fixed-rate lending protocol implemented for the EVM and organized around isolated, immutable, permissionlessly created markets. The loans are denominated in USDC, a fully reserved stablecoin issued by Circle and designed to maintain a value equivalent to the US dollar. The lending push has not been without turbulence: a sharp drop in Bitcoin and Ethereum prices in February drove record liquidations across Coinbase's loan book, underscoring the risk of borrowing against volatile collateral.",
      "community_discussion_zh": "",
      "community_discussion_en": "",
      "market_impact_zh": "此次推出扩展了一条以 USDC 计价的信贷渠道，使比特币持有者无需卖出持仓即可获得流动性，其定价与结算经由 Morpho 和 Base 运行，而非完全中心化的账簿。这也将更多与 Coinbase 相关的借贷活动集中到基于 Morpho 的市场中，而 2 月的事件已显示，波动的 BTC 与 ETH 抵押品可以多快地引发连锁清算。",
      "market_impact_en": "The launch expands a USDC-denominated credit channel in which Bitcoin holders can obtain liquidity without selling their coins, with pricing and settlement running through Morpho and Base rather than a purely centralized book. It also concentrates more Coinbase-related lending activity into Morpho-based markets, where the February episode showed how quickly volatile BTC and ETH collateral can trigger cascading liquidations.",
      "importance_score": 7.5,
      "references": [
        {
          "url": "https://morpho.org/midnight",
          "title": "Midnight - Predictable Credit on the Morpho Network"
        },
        {
          "url": "https://en.wikipedia.org/wiki/Morpho_Labs",
          "title": "Morpho (DeFi lending protocol) - Wikipedia"
        },
        {
          "url": "https://www.circle.com/usdc",
          "title": "USDC | Powering global finance. Issued by Circle."
        }
      ],
      "confidence": 0.75,
      "story_ids": [
        "rss:decrypt.co_feed:3afb837c6ebcf610"
      ],
      "sources": [
        {
          "url": "https://decrypt.co/379091/borrow-against-bitcoin-fixed-rate-coinbase-morpho",
          "label": "Decrypt",
          "source_type": "rss",
          "official": false
        }
      ]
    }
  ]
}