USDe supply increases by more than $700 million in September, now taking the No. 2 spot for collateral assets on Morpho.
The market has turned back to MORPHO not because it’s rising, but because its role is shifting: from a lending protocol toward an institutional collateral hub.
Two pieces of evidence.
At the Korea Blockchain Week, the founder said that institutions don’t lack underlying technology for tokenization on-chain—the bottlenecks are control over risk, interest rates, and compliance. As borrowing costs fall, traditional finance will naturally come.
The U.S. Blockchain Association has established a Vaults working group. Morpho is listed among the members, and it will communicate directly with regulators about compliance paths for this kind of structure.
Add to that a publicly discussed claim that a certain investment bank has a $60 target price for MORPHO in 2030, and the narrative was rapidly amplified. But that’s a sell-side view, not cash flow.
The real question is: if the collateral size grows, does protocol revenue also grow—or is it just someone else’s stablecoin sitting overnight on their own ledger?
The market has turned back to MORPHO not because it’s rising, but because its role is shifting: from a lending protocol toward an institutional collateral hub.
Two pieces of evidence.
At the Korea Blockchain Week, the founder said that institutions don’t lack underlying technology for tokenization on-chain—the bottlenecks are control over risk, interest rates, and compliance. As borrowing costs fall, traditional finance will naturally come.
The U.S. Blockchain Association has established a Vaults working group. Morpho is listed among the members, and it will communicate directly with regulators about compliance paths for this kind of structure.
Add to that a publicly discussed claim that a certain investment bank has a $60 target price for MORPHO in 2030, and the narrative was rapidly amplified. But that’s a sell-side view, not cash flow.
The real question is: if the collateral size grows, does protocol revenue also grow—or is it just someone else’s stablecoin sitting overnight on their own ledger?