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 🦋

A few thoughts on vaults and their next phase, and how we propose distinguishing different types of vaults from an institutional and regulatory standpoint 👇

Every USDC market listed on @Morpho Blue is now available on Morpho Midnight! They mirror the exact parameters as their counterpart on Blue listed by curators, with just two adds: a fixed rate and a maturity date. With multi-market limit orders, users can place orders across any isolated markets with the same liquidity!

Morpho Midnight’s first major integration went live on Coinbase yesterday! For the first time, consumers at scale can access predictable borrowing rates powered by DeFi. Can’t wait to scale this further as the billions in Morpho Vaults will soon be able to fund these loans!

Today, we’re excited to announce the launch of @coinbase fixed rate loans, powered by @Morpho Midnight! Morpho × Coinbase products have been immensely successful and helped open a new category in finance: the user experience of fintech apps, but with better financial products thanks to DeFi’s open and competitive rails. We’re now building on that foundation and starting to scale: new loan types and use cases, bringing onchain credit one step closer to the scale and diversity of global credit markets.

I’ve been asked a lot what it’s like to partner with both Coinbase and Robinhood when they compete so fiercely. The answer comes down to Morpho’s fundamental purpose: connecting. Morpho is an open credit network designed to connect lenders and borrowers across any boundary (social, geographic, political, …). More borrowers create more demand for capital. More lenders create more competition to fund borrowers. Over time, that means deeper liquidity and better terms for everyone using the Morpho network. Competitors sharing infrastructure isn’t unique to Morpho. Banks compete fiercely for customers while relying on shared payment networks like Visa. Tech companies compete while building on the same internet protocols like HTTP. Credit should work the same way: it works better when you are maximally connected. Our ambition is to bring as much of the world's credit onto one shared network as possible. If you’re building on Morpho, expect us to keep connecting new companies, new markets, new ecosystems, including the ones you compete with, because this is what will make your financial products stronger!

Circle’s Digital Asset-Backed Borrow is powered by Morpho on @arc! @circle Mint users can now borrow USDC against BTC through Morpho, directly from the familiar interface they already use

The first markets with @Coinbase Tokenized Stocks have been listed by curators on Morpho! Available outside the US.

Arc launch going crazy already! $200m+ in!

Morpho is already the leading lending protocol for USDC. Now, that infrastructure is available to builders on @Arc from day one, with @PulsarMoneyApp and @SafePal already integrating Morpho for Earn! Many more products and integrations to come!

One of my favorite things about the Morpho network is its diversity: curators, chains, assets, ... As that diversity grows, our growth becomes less tied to the volatility of any single asset, like Bitcoin, and is increasingly resilient.

The pendle morpho vault is growing very fast!

More confidential Morpho Vaults!

One of the (less known) hardest challenges in DeFi is shipping faster without compromising on perfect security. This month, for the first time, we’re running four audits in parallel on four different products.

CLARITY may not move forward this year, but we’re still optimistic that regulatory clarity in the US will proceed and provide the foundation for continued adoption of blockchain infrastructure. There is great momentum with the SEC’s Reg Crypto and Commissioner Peirce's statement on vaults. We’ll keep engaging to make sure crypto and DeFi are well represented as these take shape.

Morpho reaching $15B for the first time! ATH on all fronts: deposits, active loans, market share, ...

Morpho consumed roughly 15 MWh of brain energy to reach ~$2B valuation, that is ~300× JPMorgan’s valuation per unit of brain energy

We did not build Morpho Midnight just because some consumers want fixed rate... We built it mostly because institutions want control. Control on the risk, the code, the counterparties, but most importantly, ... the rate.

Back in Asia for September and October. Over the last few months, Morpho drastically expanded its presence in APAC with people on the ground in Hong Kong, Korea, Taiwan, and Singapore. See you at Token!

After @base, Midnight is now live on @Ethereum. Fixed rates unlock something DeFi hasn’t really had: cross-chain rate arbitrage. Until now, borrowing on one chain to lend on another meant betting that interest rates wouldn’t move while you bridged. Now you can lock in rates, making this possible. Over time, this will build liquidity bridges between different instances of Midnight across chains.