Ledger integrates Morpho to provide in-app yield to 8M+ self-custody users

Ledger is the world’s leading self-custody solution, with over 7 million devices sold worldwide. Ledger Wallet (formerly known as Ledger Live), the companion app for Ledger devices, offers buy, sell, swap, and staking features, but previously lacked a native DeFi earn solution.

Generating recurring revenue without counterparty risks has been Ledger Wallet’s primary goal. Although the platform offers various services via 3rd party providers, most rely on service providers with varying degrees of counter-party risks.

Looking for alignment with its self-custodial philosophy, Ledger began exploring staking and DeFi earn options to provide users with truly self-sovereign financial solutions.

Ledger integrated Morpho into its Earn dashboard as the default solution for USDC and USDT through Kiln’s DeFi, which offers enterprise-grade integration and a monetization toolkit, including customizable compliance rules, for Morpho.

Users can access Morpho-powered yield on their stablecoins of choice directly within the Ledger Wallet app without ever leaving the Ledger ecosystem. This significantly lowers the entry barrier for those unfamiliar with DeFi who still want to benefit from the yield opportunities available onchain.

Starting with USDC and USDT on Ethereum as a pilot, Ledger plans to expand its offerings by integrating additional Morpho Vaults across various chains and assets.

Ledger Wallet is evolving into a comprehensive personal finance app with a complete suite of features: buy, sell, swap, and earn.

By integrating onchain yield from Morpho, Ledger Wallet transforms into a comprehensive financial hub while maintaining Ledger’s security and self-custody standards.

With this, Ledger users move beyond the traditional “buy and HODL” approach, where interactions were limited to transferring and storing assets in Ledger-protected addresses. Now, users can buy assets, interact with onchain protocols, swap tokens, and earn yield — all within the Ledger Wallet ecosystem.

The ability to earn in-app has enhanced user engagement, increasing Ledger Wallet’s stickiness and boosting Ledger’s recurring revenue. Users can purchase crypto via Ledger Wallet, swap into preferred assets, and deposit into Morpho to earn yield. Each action creates revenue for Ledger while providing additional opportunities for upselling and user reactivation through banners and notifications.

Since the integration launched in May, users have deposited over $100M in USDC and USDT and now earning yield, powered by Morpho and secured by Ledger.