Brief
RWA composability leader with isolated lending markets. Permissionless vault curation by Gauntlet, Steakhouse, and others. Oracle-agnostic. Curators choose from Chronicle, Pyth, Chainlink, and more.
Primary sources
Checks cover the claims listed below. Other details may still need review.
- Morpho: Fireblocks Earn integration (opens in a new tab)
Checked
- Fireblocks Earn provides native access to Morpho vaults; Sentora was the launch curator.
- Fireblocks: Earn early-access launch (opens in a new tab)
Checked
- Fireblocks independently confirms the Morpho integration.
- Morpho: Midnight and Markets App launch (opens in a new tab)
Checked
- Morpho Midnight and its Markets App went live for fixed-rate, fixed-term credit. The initial app rollout covered cbBTC/USDC on Base with limited maturities, alongside Morpho Blue's variable-rate markets.
- Morpho: Robinhood Earn rollout (opens in a new tab)
Checked
- Robinhood announced a progressive US rollout of Earn using USDG, Morpho credit markets and Steakhouse-curated vaults on Robinhood Chain. Borrower interest supplies the yield; access is limited to eligible customers.
- BitGo: planned Morpho vault offering (opens in a new tab)
Checked
- BitGo announced plans for institutional DeFi vault access with Morpho among its launch partners. The model separates assets deployed into third-party protocols from the vault receipt tokens held in BitGo custody.
- Morpho: $175M funding round (opens in a new tab)
Checked
- Morpho Association raised $175 million, co-led by Paradigm, a16z crypto and Ribbit. Apollo Funds, Circle Ventures and VanEck participated as the association funded further development of its onchain credit infrastructure.
Recent activity
Latest moves on the changelog feed.
- Jul 21, 2026NEW
Morpho Midnight and its Markets App went live for fixed-rate, fixed-term credit. The initial app rollout covered cbBTC/USDC on Base with limited maturities, alongside Morpho Blue's variable-rate markets.
- Jun 9, 2026NEW
Morpho Association raised $175 million, co-led by Paradigm, a16z crypto and Ribbit. Apollo Funds, Circle Ventures and VanEck participated as the association funded further development of its onchain credit infrastructure.
Snapshot
Key terms and identifiers.
- Asset value
- $5B+
- Spec type
- lending-venue
- Chain
- Ethereum + Base
- Rwa collateral
- BUIDL, JTRSY, ACRED, sBUIDL, xStocks (SPYx)
- Borrow assets
- USDC, USDT, ETH
- Typical ltv
- 50-85% (curator-specific)
- Curator led
- Yes (Gauntlet, Steakhouse, RE7, MEV Capital)
- Asset classes
- Treasuries, Private credit
- Token standards
- erc-20, eip-4626
- Analytics
- defillama.com/protocol/morpho
Milestones
How this player got here.
- Jul 2026Midnight launched with cbBTC/USDC fixed-term markets on Base
- Jul 2026Announced progressive Robinhood Earn rollout using Morpho and Steakhouse
- Jun 2026Announced planned Morpho vault access with receipt-token custody
- Jun 2026Morpho Association announced a $175M funding round
- Jan 2026Coinbase loans (powered by Morpho) hit $2B collateral, $1.1B active loans within first year
- Jan 2026RWA deposits exceeded $820M, up from $1.5M at start of 2025
- Jun 2025Morpho V2 launched with intent-based architecture, fixed-rate loans, and RWA collateral support
- Jan 2025Crossed $4B TVL
- Jun 2024Morpho Blue launched
Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
- ChronicleIntegratesOracle option (vault-curator chosen)
- ApolloIntegratesACRED yield vaults
- EthereumBuilds on
- BaseBuilds on
- BitwiseIntegratesInstitutional vault curation + BTC lending
- FireblocksIntegratesDistribution through Earn
- RobinhoodIntegratesRobinhood Earn distribution
- BitGoIntegratesPlanned institutional vault access
