Decentralized lending protocol Morpho crossed $14 billion in total deposits for the first time, reaching approximately $14.15 billion by early September 2026. Three key factors are driving this growth: the launch of Morpho Midnight, a non-custodial fixed-rate lending product, strong integration on Base with over $5 billion in deposits, and the partnership with Robinhood Earn. Outstanding loans reached nearly $5 billion, representing a utilization ratio of roughly 35%, primarily in stablecoins like USDC. Built on top of Aave and Compound, Morpho raised $175 million in June 2026 and has established itself as a standalone lending infrastructure.
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