Morpho’s real-world asset deposits reached $2.14 billion, while borrowing stood at $894 million, representing a 42% utilization rate. Institutions use these tokenized assets, including BlackRock’s BUIDL and Ondo Finance’s USDY, as collateral to fund yield strategies. In the fourth quarter of 2026, Morpho led RWA markets with nearly four times the average utility across decentralized finance. The MORPHO token gained 12% in three days and defended the $2 level, but activating the protocol’s currently disabled fees and potentially launching buybacks would be required for growth to accrue directly to the token’s value.
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