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Morpho launches Morpho Midnight protocol for fixed-rate, fixed-term credit markets

Tuesday, July 21, 2026 — 16:41:00 (UTC)

Morpho launches Morpho Midnight, a protocol for fixed-rate, fixed-term credit markets

Morpho Midnight adds the missing piece – fixed rates and predictable terms – to scale onchain credit beyond its current limits, launching first on Base

PARIS AND NEW YORK – July, 21, 2026 – Morpho, the blockchain-based network for digital asset credit markets, today announced the launch of Morpho Midnight, a new protocol for fixed-rate, fixed-term onchain credit. Morpho Midnight will first launch on Base.

Institutions, enterprises, and large-scale allocators have moved from exploring decentralized finance to backing the infrastructure underpinning it. However, that capital has arrived to find a market built almost entirely on variable rates, limiting the types of credit that can be offered onchain. Traditional credit markets rely on predictability: fixed rates and defined terms to give participants the footing to manage risk, returns, and regulatory capital.

Morpho Midnight closes that structural gap. By enabling participants to manage all dimensions of a loan, including risk, rate, duration, and compliance, Morpho Midnight extends onchain credit to participants who need control and certainty.

Morpho Midnight complements Morpho Blue, the network’s existing protocol for variable-rate lending. For enterprises already building credit solutions on Morpho, Midnight will enable them to offer fixed-rate lending and borrowing alongside existing variable-rate products without having to build a proprietary credit engine.

“Fixed-rate lending is fundamental to how global credit markets operate,” said Paul Frambot, CEO of Morpho. “Without it, onchain markets remain incomplete. Midnight enables participants to structure loans with defined rates, maturities and counterparties, in a way that aligns with institutional standards and may pave the way to cryptocurrencies becoming an alternative powerhouse in institutional and retail finance products.”

Morpho Midnight is structured as an offer-based protocol, where lenders and borrowers are able to set their own terms. Loans are issued as fixed-term obligations, with rates determined by market pricing rather than protocol formulas. This allows participants to express both credit risk and pricing with greater precision.

“The majority of global credit runs on fixed rates and defined terms. Onchain lending has largely stayed variable-rate, which has held it back from serving institutional credit,” said Antonio Garcia-Martinez, Head of Growth at Base. “Morpho Midnight closes that gap, and offers a clear signal that the foundations of traditional finance are being rebuilt on open infrastructure.”

Morpho Midnight also introduces features aimed at institutional use cases, including the ability to define multi-collateral parameters, set market-level compliance conditions, and structure transactions around specific counterparties. Capital efficiency is maintained by enabling multi-market offers and allowing funds to remain deployed in variable-rate markets until matched into fixed-rate positions.

Morpho Midnight aims to support a broader range of onchain credit activity, including financing backed by tokenised real-world assets, structured credit products, and repo-style transactions, areas that have been difficult to replicate in existing decentralised lending systems.

ENDS About Morpho Morpho is an open lending network with $11B+ in deposits connecting lenders and borrowers to the optimal opportunities worldwide. Its modular, open infrastructure enables fintechs, wallets, exchanges, and institutions to embed configurable credit products directly into their platforms, while maintaining full control over the user experience. Leaders like Coinbase, Bitwise Asset Management, and Société Générale already build on Morpho to deploy secure, scalable onchain credit products. For more information, please visit Morpho.org. --

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Source: Company press release.

Categories: Announcement