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We’ve just raised $175M, in a round co-led by @paradigm, @a16zcrypto, and @RibbitCapital, the largest raise DeFi has ever seen.
Credit is the bedrock of our civilization, but the infrastructure underneath is fragmented, extractive, and closed to most of the world. That is what @Morpho is here to change.
Morpho is building the open credit network for the world. The global credit market is $ 200T. We are building the infrastructure layer that will move it onchain, and every institution, fintech, and bank that wants to participate in the next era of finance will connect to this network.
After four years of being heads down building Morpho, we now count more than $11B in deposits and integrations with leading financial institutions including @Coinbase, @Binance, @FireblocksHQ, @SG_Forge, @krakenfx, @Bitwise, and dozens of others building on Morpho to offer better products to their users. But this is just the beginning.
This raise will allow us to accelerate: activating the global credit network at scale, building the go-to-market engine to match our ambition, and bringing more institutions onto the network faster.
Having any kind of onchain strategy in this era will mean going through Morpho at some point. Reach out and let's talk. And if you want to help build the open credit network for the world, we have plenty of open roles.
Let’s fly 🦋
Morpho Association has raised $175M to build the open credit network for the world.
Co-led by @paradigm, @a16zcrypto, @RibbitCapital with strategic participation from @apolloglobal, @vaneck_us, @circle_ventures, and @Ledger @Cathayinnov.
The round also included participation from @variantfund, @wmt_ventures, @preludexyz, @IOSGVC, @HashKey_Capital, @sbigroup, @Bpifrance, @mirana, @bamazizimesh, NJJ Capital and 10+ other strategic partners.
The funding will help accelerate Morpho's position as the foundation for onchain credit.
Today, we are releasing a new piece on the opportunity to bring receivables-backed credit onchain and the work we’ve been doing with Morpho Midnight to make these new markets possible!
With each new credit market we onboard, we get closer to bringing the world’s $200T of credit onchain, one loan type at a time.
More on this very soon!
Paul Frambot 🦋 retweeted
Updating the post below, since it was popular with readers.
The ability to use BTC as collateral continues to grow. This is important for any asset and it should be watched, because it increases utility and inherent value.
Coinbase recently added to its “borrow” product that lets customers borrow cash using their BTC as collateral. There are now three options. See the screenshot below (taken today).
Recap: You deposit BTC as collateral and get USDC, which is immediately convertible to USD, then a quick transfer to your linked bank account. Attractive rates. You can choose to repay the loan whenever you want, at which point you get your BTC back (so you retain any future price appreciation).
That’s a very attractive option for various types of borrowers ranging from individuals to small businesses.
I’ve been surprised by how many people -- even veterans of the BTC space -- don’t seem to be aware of how easy this process has become, or that it even exists. But make no mistake: This is huge financial innovation. And Coinbase definitely isn’t alone -- other companies also offer this product.
Keep watching as BTC collateral usage grows. Over the long term, it’s important.
In the decade I’ve been posting here, I’ve never done a product review. But here’s one that may interest readers.
I tried out Coinbase’s “borrow” product. This lets customers borrow cash using their BTC as collateral. I didn’t have a need for this, but since it’s becoming a popular retail-facing product for Coinbase and other companies, I wanted to see how easy they’ve made it.
I was amazed. The entire process was simple and took just a few minutes. You deposit BTC as collateral and get USDC, which is immediately convertible to USD, then a quick transfer to your linked bank account. It’s seamless and you never leave the platform. The variable APR 30-day average is currently 4.82%.
Of course DeFi borrowing has been around a long time. But my sense is that many people in this space don’t realize how easy the process has become for the casual, non-tech user (or how competitive the APRs are). It certainly makes BTC an even more useful and attractive asset to own.
My main takeaway was “disruption.” Once you get in the trenches and see how quickly products are evolving in this space, you understand the growth potential -- and how much the legacy Wall Street firms will lose if they don’t adapt and dive in.
gm
Over the last 12 months, Morpho grew 53% while lending and DeFi declined -36% and -41% respectively
Birch Hill Morpho Vault just launched!
Birch Hill created new kinds of isolated lending markets on Morpho: Boston apartments as onchain collateral!
The Birch Hill Groma Ecosystem Vault is live on @base, powered by @morpho.
Open access to USDC lending backed by @gromacorp's Boston and Providence apartment buildings, with NAV published onchain by @ChronicleLabs Proof of Asset.
Restrictions may apply.
Tempo is the first chain where you can lend and earn with OUSD.
Enterprises and fintechs can now offer earn products to their customers with OUSD on @Morpho.
Love Coinbase’s USDC lending and crypto-backed loans, both powered by @Morpho? @Base just made it easy to offer Morpho in your own app.
Your users get access to $5B+ in deposits on Morpho on Base, the deepest USDC lending liquidity onchain.
Coinbase strategy is an absolute positive-sum masterclass:
→ Each new integrator adds liquidity to Morpho, which makes Coinbase’s own consumer lending products better
→ Every Coinbase user who lends or borrows deepens that Morpho liquidity, which makes things better for every partner building on Base.
Each side makes the other stronger.
Spreads on Morpho Midnight are tightening. Several markets now have tens of millions in liquidity available to borrow at low, fixed rates, on multiple collaterals and chains.
Very excited to welcome @brian__foster to lead our GTM org at Morpho!
Brian joins from Coinbase, where he helped build the infrastructure business from the ground up and closed major deals with some of the world’s largest financial players.
I’m excited to share that I’ve joined @Morpho to lead all things commercial as Head of GTM.
@PaulFrambot and team are visionaries and world-class builders. It’s a privilege to team up with them.
What’s Morpho?
Morpho is an open credit network that enables people and agents to build customizable onchain lending, borrowing, and yield products.
Morpho protocols, smart contracts, and blockchains are the infrastructure making it possible. Morpho is a pure technology layer, with composability and security at the center of its design.
The why
Morpho makes it dead simple for our partners - fintechs, brokerages, exchanges, and banks - to build revenue-generating products that help their users put their assets to work. In parallel, this helps unlock new distribution for lenders and asset issuers.
Historically, spinning up credit products meant building pricing, risk and liquidation systems from scratch, and spending months on integrations before the first loan went out.
Morpho collapses this into open infrastructure: liquidity, rates, and liquidations run onchain, in markets anyone can access.
We’re growing
More than $17B is now deposited on Morpho protocols, up 3.4x since the beginning of 2025.
So far, BTC, USDC, ETH and other stablecoins have anchored most of that growth. But these assets have also laid the foundation for what's coming next, by getting institutions comfortable with onchain infrastructure…
The onchain collateral supernova
…Now, Wall Street is racing to tokenize treasuries, funds, credit, and equities. “Crypto native” collateral will keep growing, but the tokenization wave has the potential to be orders of magnitude larger.
Onchain credit markets will accelerate tokenization growth because they make tokenized assets more productive: they becomes programmable collateral that people can borrow against 24/7, in seconds.
In the not so distant future, we’ll have tens of thousands of tokenized assets and $ trillions more in value onchain. Humans and agents will flock to the fastest and most composable system.
In credit, Morpho is poised to be that system.
First orders of business
It’s day one for me, but it’s already clear a lot of my work will rhyme with what I focused on over the last 7+ years scaling Coinbase’s institutional and infrastructure businesses: helping make our partners successful.
Over the next few weeks, I’ll be on a listening tour. If you’re working on credit products - as a fintech, lender, curator, asset issuer or something else - drop me a line. We want to hear from you and help you grow.
Last but not least: we’re hiring! …Across GTM and beyond. Come get in touch if you’re as excited about the Morpho vision as I am.
Let’s go.
More
- API docs [docs.morpho.org/get-started]
- About Morpho [morpho.org/]
- Our recent $175M raise from a16z, Ribbit Capital, Paradigm, Apollo, and others [morpho.org/blog/morpho-assoc…]
- Open roles [morpho.org/jobs]
There's a new version of this post
Paul Frambot 🦋 retweeted
很高兴跟大家宣布, @UnifiedLabs_ 与 @SoSoValueCrypto 正式完成 Morpho Vault 集成！
SoSoValue 用户现在可以在 SoDEX Wealth 里直接存 USDC，资金进入由我们在 @Morpho 上管理的 vault。我们负责选择借贷市场、设定抵押品标准和敞口上限，不经手用户资金，所有仓位都可以在链上查到。
感谢 SoSoValue 和 Morpho 团队的共同努力！
SoDEX Wealth Earn, powered by Morpho
@SoSoValueCrypto, the one-stop research, wealth management and trading ecosystem built on Value Chain, now provides its users access to onchain yield curated by @UnifiedLabs_ directly in the @sodex_official interface
Another Morpho integration in APAC! This time by @SoSoValueCrypto, curated by @UnifiedLabs_ !
SoDEX Wealth Earn, powered by Morpho
@SoSoValueCrypto, the one-stop research, wealth management and trading ecosystem built on Value Chain, now provides its users access to onchain yield curated by @UnifiedLabs_ directly in the @sodex_official interface
I think crypto founders’ lack of long-term ambition did more to erode this industry’s talent density than we admit.
Crypto is fundamentally trust infrastructure. Building something that meaningfully improves the financial system is a (long) compounding game. It takes a decade of focus.
But when prices go crazy every year, there are endless ways to make stupid money: speculation, advisory gigs, scattered investments, farming. It’s been very easy to get distracted.
The good news: it’s gotten SO MUCH better. Many short-sighted founders and projects have moved on.
Tangible impact attracts the best people. And we’re finally seeing concrete improvements in payments, financing, and trading from bringing them onchain.
As an industry, we should do more to make those improvements visible. Our “ChatGPT moment” will come when people open their financial app and feel a step change in what they can do and at what price, without needing to know that stablecoins, DeFi, or tokenized stocks made it possible.
I think we’re close. That’s what will drive the next wave of adoption, and make the most ambitious people want to build here.
Thanks to everyone who joined us at @Vault__Summit Singapore!
We keep getting asked why Morpho hosts a Vault Summit when we say our focus is primarily credit markets, not vaults.
TLDR: If Vaults win, Onchain Credit wins.
Bringing $200T of global credit onchain will take millions of credit markets, enough to serve every risk profile and every financing need. Thousands already run on Morpho, and they’re getting more sophisticated, like Morpho Midnight markets.
Vaults are how a lot of that liquidity is coordinated and reaches markets in an efficient way.
We built Morpho Vaults as open source so the curators a distributors ecosystem could grow.
We think onchain vaults and curation will become one of the biggest categories in the industry, and it deserves its own stage. Hence Vault Summit. See you at the next one!
Samsung Wallet using @USDC and @coinbase is another massive signal that ALL large-scale financial distribution is moving onchain.
As more major consumer platforms plug into blockchain rails, the network effects around onchain markets will compound, and accelerate faster than most expect.
Morpho is now powering @Ledger Crypto Loan!
After powering Ledger Stablecoin Earn, we’re now powering Ledger’s earn and borrow suite.
This creates an interesting flywheel where Earn and Borrow complement each other!
Crypto Loan via @Ledger Wallet™, powered by Morpho
Ledger users can now borrow against wrapped BTC, all within self-custody.
Morpho is Ledger's infrastructure of choice to become an all-in-one platform for digital assets: first with Stablecoin Earn, and now Crypto Loan.
Experiencing one of the best feelings: spending a year+ quietly building something no one expects from us, and finally getting ready to announce it this month.
Quietly, Morpho's DeFi market share keeps hitting new ATH this year...
We don't make much noise here. You ll never see us do drama or pick fights.
We don't win on Twitter. We win onchain :).
Paul Frambot 🦋 retweeted
One week to Vault Summit Singapore!
Protocol teams, institutional allocators, and risk leaders.
One day. One room. Singapore, 9 October.
Secure your spot: sg2026.vaultsummit.xyz
