TLDR: Morpho's total deposits on Base have passed $5B, contributing to more than 70% of all deposits on the network. The story behind that number shows how an open credit network helps a blockchain built for global finance grow, and how it gives asset issuers real distribution and utility.

Morpho was deployed on Base in May 2024, when Base's total deposits sat at $1.8B; today they sit at $6.8B.

Morpho Blue came to Base shortly after its deployment on Ethereum. The conviction was there from the start: Base would become an important part of the world's financial infrastructure, and it could grow into Morpho's largest deployment.

From the original deployment proposal:

Base presents an opportunity to accelerate Morpho's ecosystem growth. Numerous projects on Base have shown interest in having a more flexible lending primitive and expressed willingness to build on Morpho Blue once deployed.

Base had demonstrated user base and developer concentration, even back in 2024. Morpho formed the thesis that Base is going to be powering a significant volume of onchain credit, and that thesis has been playing out in the coming 2 years.

Coinbase, Morpho, and Base defined the DeFi Mullet with the launch of Coinbase crypto-backed loans in January 2025: trusted fintech distribution in the front, open infrastructure in the back. The model showed the industry that a fintech can launch an onchain credit product without bootstrapping both sides of the market, building infrastructure from scratch, or renting legacy rails.

That launch was the first growth accelerator. Fully rolled out by May 2025, the product has brought over $1.3B in outstanding USDC borrowing, backed by $2.5B of cbBTC collateral deposited on Morpho. Coinbase-originated borrowing alone now represents about 26% of all Morpho deposits on Base.

The USDC borrowing demand made DeFi Earn on Coinbase, built on Base, the natural next step. The product has since grown to nearly $500M in total deposits.

Together, Coinbase's Borrow and Lend products created a liquidity flywheel for both Morpho and Base. The more these integrations grow, the more liquidity comes to Morpho. The more liquidity on Morpho, the better the rates for Coinbase users, and the more integrators come to Base for that depth and the ability to offer their own users competitive rates.

What started as a single integration has become the blueprint others follow. Robinhood, Kraken, Binance, and major fintechs around the world have either adopted the playbook or are exploring an onchain credit product with similar architecture.

Today, Morpho on Base is one of the deepest liquidity venues onchain, and a natural first stop for integrators launching onchain credit products (e.g. Bitso, Deblock, and more).

The flywheel works for asset issuers too.

Bringing an asset onchain is the easy part; giving it something to do is not. On Base, Morpho gives assets utility:

• cbBTC is the flagship example: roughly 39% of cbBTC across all chains is deposited on Morpho, including 82% of all cbBTC on Base.

Stablecoin deposits on Base are at an all-time high, with USDC (Circle) and USDe (Ethena) as the leading issuers.

Morpho and Base help issuers distribute their assets and put them to work onchain. RWA issuers are now running the same playbook, with Centrifuge, Midas, Spiko, and Birch Hill among them.

Base and Morpho share one ambition: bring all of finance onchain by providing the open infrastructure.

Against that ambition, $5B is the bootstrapping phase, a handful of successful use cases kick-starting the growth. The DeFi Mullet will continue to scale; Coinbase users will be able to access increasingly diverse suite of products powered by Morpho; asset issuers will increasingly look at Morpho on Base as the default choice when bringing an RWA onchain, either via a vault, or as a collateral in a market.

And with Morpho Midnight launched exclusively on Base, institutions now have the infrastructure to bring fixed-rate, fixed-term products onchain as well.

If the plan pans out, $5B will be the new day one for onchain finance.