Although DeFi TVL has experienced a 44% decline from its October 2025 peak, one distinct area is defying the broader sector downturn. Morpho TVL is currently hovering close to its all-time high, resting at approximately $10.4B.
Looking at the platform closely reveals substantial momentum. Since July 1, RWA deposits have surged by +49%, increasing from $1.07B to $1.58B. Alongside this, active RWA loans expanded from $411M to $641M, and private credit accounts for about 58% of the deposits. Ultimately, while the overall market drawdown is an undeniable reality, the ongoing expansion of tokenized credit and RWA is equally genuine.
Looking at the platform closely reveals substantial momentum. Since July 1, RWA deposits have surged by +49%, increasing from $1.07B to $1.58B. Alongside this, active RWA loans expanded from $411M to $641M, and private credit accounts for about 58% of the deposits. Ultimately, while the overall market drawdown is an undeniable reality, the ongoing expansion of tokenized credit and RWA is equally genuine.
