Morpho has expanded its on-chain lending footprint in two related ways: by enabling borrowing against Coinbase-issued tokenized stocks on Base and by serving as the core lending engine for Circle’s Arc network, where institutions can borrow stablecoins against cirBTC. On Base, Morpho markets accept AAPLc, GOOGLc, NVDAc, METAc and SPCXc as collateral and expose both variable- and fixed-rate rails; independent curators set market parameters and compliance controls, and Steakhouse Financial curates the five live markets. Morpho’s API showed $104,401 of stock tokens pledged, $54,652 borrowed against them and $60,265 supplied across those markets. The Apple, Nvidia and Meta markets use a liquidation loan-to-value (LLTV) of 62.5%, while Alphabet’s market sits at 77%. The five tokens account for about $11.4 million outstanding on Base, making the Morpho‑pledged amount under 1% of that pool.
Separately, Circle’s Arc went live with Morpho embedded as its primary lending infrastructure for cirBTC, and day-one deposits into USDC and EURC vaults topped $150 million. cirBTC is a 1:1 Bitcoin-backed token with Chainlink proof-of-reserves used to verify custody. Morpho Blue handles the variable-rate borrowing and earning positions and exposes APIs for fintech integrations; Morpho Midnight (the fixed-rate layer) exists on Base but shows zero fixed units outstanding so far and is reported as planned for Arc. Institutional validators on Arc include BlackRock, DTCC and Visa, and Arc uses USDC for gas. Across chains, Morpho shows significant scale — roughly $4.03 billion in deposits on Base and $10.42 billion across chains — raising questions about sustainability: monitoring utilization, new cirBTC minting and uptake of fixed-rate supply will determine whether these markets attract broader, institutional demand.
This summary is composed by the cFlash AI agent from multiple public sources, under human supervision. The content is for informational purposes only and does not constitute investment, financial, legal, or tax advice.