Morpho Midnight, Morpho's fixed-rate, fixed-term lending protocol, is now live.

Midnight is the missing piece for onchain credit: it brings the standard instrument of traditional credit markets — a loan with a fixed term and rate — onchain, with three main benefits for institutional, enterprise, and retail users alike: predictability, controllability and capital efficiency.

Onchain credit has grown to roughly $60B, but it's still only a fraction of the $200T global credit market. Closing that gap means serving the largest institutional users on their terms, and what they want is predictability: to know what a position will return or cost, and for how long. We built Midnight for that specific need.

On top of predictability comes control. On Morpho Blue, users already control their risk, but both sides of the market are still price takers, with the rate set by an interest rate model. Midnight gives fintechs and enterprise integrators control over their product, including choosing risk and rate, while duration becomes a new dimension for curators to configure. Integrators can offer predictable, fixed-rate credit products customized to their users without building a credit engine from scratch, and without fragmenting liquidity.

Lastly, capital on Morpho becomes more efficient. The two market structures (Midnight and Blue) complement each other rather than compete: with callbacks and multi-market offers, capital can earn a variable rate on Morpho Blue while quoting across markets on Midnight, waiting for a fixed-rate match. Liquidity in one helps the other grow.

Midnight is built with security as the first design priority, and is going through a progressive & controlled rollout.

If podcasts are more your style, here are a few on Morpho Midnight: Tokenized Podcast, DeFi Dad and The Rollup. Or read a third-party take on what Midnight unlocks.

Also in July: Robinhood launched Robinhood Earn and Uniswap launched Uniswap Earn, both powered by Morpho.

Accompanying the Morpho Midnight announcement is the new Morpho Markets App. The Markets App gives users direct access to Morpho's fixed-rate markets with predictable terms to lend and borrow, all in the familiar Morpho-style UX.

For a quick walkthrough, check out this video from Sandro, the Markets App product lead.

Prefer an alternative interface built with more opinionated UI? Access Midnight via Tenor, an onchain credit platform built exclusively on Morpho Midnight.

The investment app that introduced a generation of Americans to investing is now introducing them to onchain yield.

Robinhood Earn is the investment platform's stablecoin earn product, powered by Morpho. Robinhood users earn onchain yield without leaving the Robinhood app, with no seed phrases or separate wallet apps to manage. Going from a fiat balance to earning takes a few taps: the app bundles the purchase of USDG and the deposit into a vault in a single flow.

With this launch, Morpho now powers the two biggest consumer-facing fintechs in the US: Coinbase, whose full onchain credit suite of crypto-backed loans and DeFi earn runs on Morpho, and now Robinhood.

Robinhood Earn crossed the $100M deposit milestone within the first two weeks of launch, and now stands at $250M+.

At the time of writing, Morpho's total deposits on Robinhood Chain — Robinhood's own blockchain — have topped $500M, within the first month of the chain's official launch.

Morpho's Policy Team spent the week of July 20 in Washington DC, meeting with the SEC Crypto Task Force, the CFTC Innovation Task Force, the Department of Treasury, and Senate offices on both sides of the aisle. The goal is simple: help policymakers and regulators understand how onchain credit actually works, and show that permissionless & noncustodial infrastructure deserves clear rules.

The week also brought a milestone for the industry. Commissioner Peirce published a statement on crypto vaults and lending strategies, recognizing that vaults are diverse by design and that programmatic, permissionless vaults should not automatically fall within securities laws.

It's an encouraging step toward regulatory clarity for onchain finance: Paul and Chris shared their takeaways from the week.

Morpho has always built in the open: immutable, noncustodial, and permissionless by design. As regulators lean in, that's exactly the infrastructure we'll keep advocating for and we'll keep showing up to make the case for noncustodial infrastructure.

Uniswap Labs, the developer of the largest (and OG) decentralized exchange, has launched Uniswap Earn in the Uniswap App, powered by Morpho.

The product allows users to put idle assets to work and earn yield until their next trade.

• Hashkey Group, operator of the regulated digital-asset exchange in Hong Kong, has entered a strategic partnership with Morpho to power its onchain credit product.
• Morpho is the leading onchain credit network for RWAs, with $1.3B+ in RWA deposits.

• Morpho-powered Coinbase credit products keep reaching new milestones: Crypto-backed loans hit a new all-time high in active loans; new collateral options are available for the product.
• Galaxy launched Galaxy Curator on top of Morpho, and now offers its institutional borrowers access to Morpho via Galaxy GOFR.
• Stable Earn, Quicknode Earn and Pulsar Earn are powered by Morpho.
• Deblock, the French neobank, has seen total deposits into its earn product powered by Morpho cross $100M since launching last year.
• Kraken's DeFi Earn product now allocates $400M+ in deposits to Morpho, with $300M+ in BTC alone.