The brief

Analyst view

• $16B+ deposits, $4.5B active loans, ~$192M annualized fees as of June 2026.
• $175M Series C led by Paradigm, a16z crypto, Ribbit Capital; backing from Circle, VanEck, Ledger, SBI.
• Coinbase has $3.6B collateral on Morpho Base vaults; $1.57B in outstanding loans.

Technical approach

As reported

Blue

Permissionless isolated lending markets

Morpho Blue allows anyone to create custom lending pairs with chosen parameters, letting protocols and individuals set rates and loan terms without gatekeeping.

Vaults

Curated capital allocation

Morpho Vaults package approved Blue markets for retail and simpler institutional use, with curators choosing where to deploy capital and managing risk.

Midnight

Fixed-rate fixed-term lending

Morpho Midnight lets lenders and borrowers negotiate fixed rates and maturities for term lending, similar to traditional finance instruments.

Scale

Institutional custody and compliance

Morpho serves fintechs and institutions with customizable compliance, non-custodial ownership and embedded earn/borrow products in their apps.

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