Morpho launched the Morpho Midnight protocol on July 21 on Base, enabling lenders and borrowers to negotiate their own loan terms directly onchain. Coinbase and Robinhood have already integrated the protocol: Coinbase reports over $1.4 billion in ongoing loans through Morpho Blue, while Robinhood has disclosed over $250 million in Earn deposits. Morpho raised $175 million in June 2026 in a funding round led by Paradigm and a16z. The global credit market stands at approximately $200 trillion, compared to just $60 billion for onchain credit, highlighting the sector’s growth potential.
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