morpho

Vaults.fyi released the report "2026 DeFi Custody Market Status," covering 856 vaults, 131 custodians, and 18 protocols, with a total locked value of approximately $11.29 billion. Over the past year, the TVL on the supply side of DeFi decreased by 41.8%, while the TVL of custody vaults grew by 39%, increasing market share from 5.24% to 12.51%. The top 5 custodians manage 69% of the funds, and the top 10 account for 79.1%. The leading landscape has changed dramatically, with Sentora and Concrete not making the list a year ago, now ranking second and fourth, respectively, while Usual dropped from fourth to thirty-fourth.Morpho ranks first among protocols with a custody TVL of 46.2%, with the remaining 53.8% distributed across the other 17 protocols. Bitcoin collateral accounts for 54.1% of Morpho's top 25 stablecoin vaults (approximately $3.71 billion). In terms of address concentration, weighted by TVL, a single address holds an average of 47% of vault shares, with the top ten addresses collectively controlling 74%. About 33% of the custody funds require a multi-step redemption process, with a 7-day annualized yield median of 4.82%, which is 98 basis points higher than instant redemption vaults.The report also points out that traditional financial institutions such as Société Générale, Apollo, and JPMorgan have begun to deploy custody vault strategies.

According to PeckShieldAlert monitoring, the wallet address 0x854e...690d purchased YT reUSD in the market, pushing the implied yield up to 20%, and then quickly sold off that position, triggering a liquidation of approximately $36.39 million in the PT reUSD circular position on Morpho.

The cryptocurrency trading platform Upbit announced that it will launch MORPHO (Morpho) on the Korean won (KRW) market at 18:00 on July 25, with the network supported being Ethereum.

UPBIT will launch KRW trading for Morpho (MORPHO) on July 25 at 18:00. Users are advised to confirm the network before depositing; the supported network is MORPHO-Ethereum.

Token Terminal data shows that despite a cumulative decline of about 42% in the overall total locked value (TVL) of DeFi over the past 365 days, the USDC deposit scale on the lending protocol Morpho has grown by about 86%, reaching approximately $2.8 billion.The data indicates that amidst the overall slowdown in DeFi growth, funds continue to flow into on-chain lending protocols represented by Morpho, reflecting that the market demand for USDC yield-bearing lending products remains strong.

Raydium announces the launch of the token MORPHO for trading.MORPHO is the ecological token of the on-chain credit protocol, which has now been integrated and deployed to the Solana ecosystem through Sunrise, and trading pairs are open on Raydium, allowing users to participate in related liquidity and trading activities on Solana.

According to on-chain analyst Yu Jin's monitoring, HYPE recently rebounded from $60 and has re-established itself above $70. A certain whale address withdrew 212,500 HYPE from Morpho one hour ago, worth approximately $15 million, and has since transferred all of it to Coinbase.

According to The Block, Standard Chartered Bank has initiated coverage on Morpho for the first time, setting a target price of $60 for its native token MORPHO by the end of 2030, representing a potential increase of approximately 2787%.Geoff Kendrick, Head of Global Digital Assets Research at Standard Chartered, provided annual forecasts in the report: $3.5 in 2026, $11 in 2027, $22 in 2028, $40 in 2029, and reaching $60 in 2030.The report noted that Morpho is the second-largest decentralized lending protocol after Aave, with current deposits in Morpho Markets of approximately $5.5 billion and a scale of about $4.3 billion in Morpho Vaults. Analysts believe that as the total assets in DeFi are expected to grow 37 times by 2030, Morpho is likely to benefit from this.Standard Chartered previously predicted that by 2030, the upside potential for UNI is approximately 34 times, and for AAVE, it is about 38 times.

On-chain data shows that assets under Coinbase have become the most important source of traffic for the decentralized lending protocol Morpho. USDC and cbBTC together account for 53% of total deposits on the Morpho platform, with Coinbase users contributing 83% of cbBTC deposits and 59% of USDC deposits. The lending side is also highly dependent on the Coinbase ecosystem. Of the $2.3 billion USDC loans on the Morpho platform, approximately $1.2 billion comes from Coinbase users using cbBTC as collateral, accounting for more than half.Analysts point out that a deep symbiotic relationship has formed between the two: Coinbase takes on the role of user acquisition and asset flow, while Morpho acts as the yield layer that brings these assets into on-chain operations. This case once again confirms that in the crypto industry, the moat of distribution channels is often stronger than the technology itself.

UPBIT will launch BTC and USDT trading for PEAQ and LIT at 15:00 on June 19, while trading for KMNO and MORPHO will start at 16:00 on June 19. Trading for GRAM, LDO, and PAXG will begin at 18:00 on June 19, and trading for OSMO and AMP will start at 19:00 on June 19. Users can pay attention to subsequent announcements for specific trading pair information.

According to The Block, cryptographic technology company Zama, DeFi lending protocol Morpho, and Steakhouse Financial announced a joint launch of the Steakhouse Confidential USDC Prime vault.It is reported that this is the first DeFi yield product for privacy stablecoins on Ethereum. This product allows users to directly deposit privacy token cUSDC, which has been fully homomorphically encrypted (FHE) by Zama, into the Morpho vault to earn yields.

Coinbase announced on Wednesday the launch of two on-chain USDC lending vaults on Morpho, with Steakhouse Financial serving as the risk curator, providing users with lending options at different risk levels for the first time. The Prime vault adopts a conservative strategy, using blue-chip crypto assets like BTC and ETH as collateral, with yields ranging from approximately 3.5% to 4%. The High Yield vault accepts a broader basket of collateral, including assets issued by Ethena, with an annualized yield of about 8.79% supported by Ethena's government bond-backed stablecoin USDtb.Morpho provides a non-custodial lending infrastructure, with Steakhouse Financial managing approximately $2.03 billion in Morpho vault TVL, leading the second place by about $1 billion. Coinbase's collaboration with Ethena predates the launch of these vaults, as Coinbase Ventures purchased ENA tokens on the open market in June as part of a broader distribution agreement.

Ethena's official announcement states that the first product launched in collaboration with Coinbase is now officially online, which is the stablecoin yield pool introduced by SteakhouseFi. This product operates based on USDe on Morpho and is now directly available in the Coinbase App, accessible to users in the United States and overseas.

a16z Crypto elaborated on why it co-led a $175 million financing round for the decentralized lending protocol Morpho in partnership with Paradigm and Ribbit. a16z views on-chain lending as "the next frontier of credit" and a key technological node for human prosperity, believing that a blockchain-based open credit network can reduce infrastructure costs, create a more competitive credit market, and provide broader channels for capital and yield acquisition.a16z stated that when they first engaged with the Morpho team in 2022, founder Paul Frambot was still in university but had already gathered nearly all of France's top blockchain talent; the team's pioneering on-chain lending optimizer achieved a Pareto improvement in interest rates by coordinating peer-to-peer loans on top of the underlying peer-to-pool protocol, and the project symbolizes a transformation for the global financial system.In 2024, Morpho launched the Morpho Blue protocol, focusing on over-collateralized loans of crypto assets with floating interest rates and variable terms. Now, Morpho is moving towards a larger vision—becoming the open credit network of the internet. The next product, Morpho Midnight, will support fixed-rate term on-chain loans collateralized by traditional assets, equipped with customizable KYC tools. More importantly, clients can initiate their own lending markets based on Morpho's underlying infrastructure while sharing the network's liquidity and network effects.a16z believes that we are currently at a critical window for disrupting the traditional credit system and building a more open and efficient credit network.

The decentralized stablecoin USDD officially announced that the PT-sUSDD/USDT and PT-sUSDD/USDC markets have officially launched on Morpho. Users can exchange USDT for PT-sUSDD on Pendle, and then use PT-sUSDD as collateral on Morpho to borrow USDT or USDC for liquidity.This strategy is supported by Gauntlet, and currently, the borrowing rates for related Vaults are low. Combined with the annualized yield of PT-sUSDD, there is room for leverage operations. Theoretically, cycling 10 times could yield nearly 30% annualized returns, and users can participate according to their own risk preferences.

Morpho officially released the "Morpho Midnight White Paper," announcing the launch of a new non-custodial protocol designed specifically for the fixed-rate, fixed-term credit market. At the same time, the complete codebase of Midnight has been open-sourced, and developers can access it directly through GitHub.

According to Token Terminal data, Steakhouse Fi's leading advantage in the Morpho curator ecosystem has expanded to approximately $1 billion, far exceeding the second place. A year ago, there was almost no significant gap between the protocol and its competitors, indicating rapid growth and market consolidation over the past year.Morpho operates on a curator model, where multiple treasury managers compete for liquidity by offering different risk-return configurations and strategies. Steakhouse Fi's dominance indicates that it has successfully achieved differentiation or gained significant user trust within the Morpho ecosystem. The curator ecosystem remains an active competitive area in the DeFi space, with various protocols increasingly relying on specialized managers to expand capital deployment across different risk levels and strategies.

According to CoinDesk, the stablecoin payment blockchain Tempo, supported by Stripe and Paradigm, is integrating Morpho's $7.5 billion DeFi lending market to provide on-chain lending and yield products for fintech companies and enterprises built on it. This integration allows Tempo users to access one of the largest lending protocols in DeFi, transforming stablecoin balances from idle assets into interest-bearing assets.Previously, Tempo was primarily positioned as a funds transfer blockchain, providing enterprises with stablecoin transfer, foreign exchange, and settlement tools. The addition of Morpho expands it into a more complete financial stack.

According to The Block, Coinbase has expanded its on-chain loan products supported by cryptocurrency, adding support for Solana, allowing users to collateralize SOL to borrow up to $100,000.The loans are provided through the Morpho integration on Base, similar to collateralized loan products for Bitcoin, Ethereum, and others. A company spokesperson revealed that since its launch last year, Coinbase's total issuance of cryptocurrency collateralized loans has exceeded $2.3 billion, with Bitcoin collateralized loans accounting for $2.17 billion and Ethereum approximately $110 million.