Morpho Effect: October 2025

Insights of the month
Institutions are coming onchain, and they are building, FAST.
Private credits are coming onchain, Apollo (via Gauntlet), Fasanara (via Steakhouse) and a flurry of RWAs on Plume (via MEV Capital) are using Morpho to run levered yield strategies.
Read more about the RWA Playbook on Morpho by Merlin.
Vaults are going to be the infrastructure for funds of tomorrow – if stablecoins are onchain checking accounts, vaults will be everyone’s onchain savings account.
With regulated banks like Societe Generale already building on Morpho.
TL;DR
🔹 Ethereum trusts the Morpho ecosystem with 2400 ETH and ~$6M stablecoins
🔹 Coinbase DeFi Lend powered by Morpho available to US users (exl. NY) with $350M in supply in the first 2 months
🔹 Crypto.com soon to launch Morpho-powered lending and borrowing DeFi Mullet integration
🔹 Morpho app integrates Hyperliquid, the 3rd largest chain on Morpho
🔹 Morpho hosts the first-ever Vault Summit during Devconnect 2025
Highlights
Ethereum Foundation trusts Morpho
Coinbase DeFi lending, powered by Morpho
DeFi Mullet Arc activated: Crypto.com will be launching its lending and borrowing product suite on Morpho
After 600M+ total deposits attracted by Felix and Hyperbeat, HyperEVM is officially supported in the Morpho App
Morpho is hosting the 1st ever Vault Summit during Devconnect
Introducing: Morpho Customer Stories page
Product Updates
Introducing the 1st and 2nd ever Morpho Vaults V2
Morpho SDK: integrate Morpho in days, not weeks or months
Customize the Explore page exactly the way you want it
The curator page is now live on the Morpho App
See how your positions stand against other markets and vaults
What are they saying about Morpho?
- Institutions are ready for DeFi-powered lending and borrowing: NYSE Interview with Paul
- Morpho heavily featured in Visa’s whitepaper on the future of onchain credit
- Stable’s $775m are generating yield on Morpho, with Morpho as the chain’s lending infrastructure
- “The EU passport is the cornerstone of EU financial regulations, including MiCA; jeopardising it means depriving crypto market players of the only competitive advantage that Europe currently offers them”
- Vaults are the future of asset management, not only for individuals, but also for enterprises and businesses. More insights from the Pantera Blockchain Summit
What do the numbers say?
Morpho on Base is the largest DeFi protocol by Total Deposits among any L2

Agglayer Vaultbridge yield = 📈
Active Loans on Base now over $1B

Ecosystem updates
- Visa’s latest whitepaper on stablecoin lending highlights Morpho-powered use cases, and forecasts a future credit market worth trillions powered by onchain lending.
- USDT-focused payment chain Stable’s predeposit of $825M is filled, with yield powered by Morpho coming soon.
- Chorus One brings Morpho-powered stablecoin yield to qualified custodians via Chorus One Earn.
- Morpho is live on Sei with Feather as the Front End provider and the 1st curator. Total deposits have reached $10M within 1 week after launch.
- Bend, the friendly fork of Morpho V1 on Berachain is now live.
- Seamless’s leverage token powered by Morpho is now live on Ethereum mainnet.
- New ways to integrate Morpho: Stackup_fi, Openfort and rhinestone
- 200+ institutions and treasuries are earning Morpho-powered yield directly via Safe
- Gamesquare Holdings is running its ETH DAT strategy on Morpho, with up to $250M approved for allocation



