# Morpho Launches Midnight Fixed Rate Markets On Base

> A protocol for fixed rate and fixed term credit markets is now live on Base.

**Published by:** [ETH Daily News](https://ethdaily.io/)
**Published on:** 2026-07-21
**Categories:** base, morpho, defi, usdc, cbbtc, coinbase, midnight
**URL:** https://ethdaily.io/morpho-launches-midnight-fixed-rate-markets-on-base

## Content

Morpho launched Midnight, its protocol for fixed rate and fixed term credit markets, now live on Base. Morpho also released a new Markets App for direct lending and borrowing on Midnight. An initial market is now live on Base for USDC loans backed by cbBTC collateral. Unlike Aave Stable Vaults, which use variable interest rates for stable yield, Midnight is built with fixed rates at its core. Midnight provides a predictable term structure with control over rate, risk, maturity, and compliance, enabling long-duration and bespoke positioning for institutions. Fintechs can now offer fixed rate credit products for their users. And Lenders and borrowers get a locked rate for the life of the loan. The protocol also supports curators for loan durations. Disclaimer: Content is for informational and educational purposes only and does not constitute financial, investment, legal, or other professional advice. No representations or warranties are made as to accuracy, completeness, or timeliness. Use of this content is at your own risk, and you should consult a qualified professional before making decisions. No fiduciary or advisory relationship is created.

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