USDC deposits on Morpho reached a record $4.1 billion, marking a 40% increase over three months, the protocol announced on November 5, 2026. The growth accelerated while the total value locked across decentralized finance was declining. Morpho Blue, which offers variable rates, is complemented by Morpho Midnight for fixed-rate lending and by curator-managed vaults that have become a major source of inflows. The protocol reports utilization of roughly 90%, while its real-world asset markets have surpassed $2 billion in deposits. Integrations with Coinbase and Robinhood drove much of the expansion, with Coinbase’s Morpho-powered USDC lending product recording more than $2.17 billion in cumulative originations by April 2026.
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