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Asset managers, corporate treasuries, banks, and hedge funds. Apollo allocates institutional capital through Morpho curated vaults. Société Générale uses Morpho to power lending for MiCA compliant stablecoins. Each institution configures its own compliance, custody, and counterparty parameters at the curator and market level.

Asset managers use Morpho to create and manage lending strategies for clients, defining risk exposure, allocations, performance targets, and fees through curated vaults. Treasuries use Morpho to put their own reserves to work by depositing into vaults that match their risk tolerance, return objectives, and liquidity needs. In short, asset managers ask what strategy they can offer, while treasuries ask where they should deploy their capital. These roles can overlap, since a treasury may create a tailored strategy and an asset manager may use existing vaults.

Morpho utilizes a modular approach where each market is entirely independent. Risk in one market (e.g., USDC | wBTC) does not spill over into others, ensuring that collateral failure or bad debt is strictly contained within that specific market silo.

For institutions seeking permissioned environments, Morpho offers vaults that can be configured with KYC access only. These vaults integrate with standard institutional KYC providers to ensure all participants are verified and compliant with local regulations.

Compliance is enforced at the protocol level, not just the interface. Through access control gates, institutions can restrict who can lend, borrow, or liquidate in a given market. KYC whitelists, approved liquidator lists, and geographic restrictions are all implementable without fragmenting shared liquidity.

Yes. Institutions can create their own markets with custom Liquidation Loan-to-Value (LLTV) ratios and liquidation incentives that align with their specific risk appetite and the volatility profiles of the underlying assets.