Paul Frambot 🦋

We’ve just raised $175M, in a round co-led by @paradigm, @a16zcrypto, and @RibbitCapital, the largest raise DeFi has ever seen. Credit is the bedrock of our civilization, but the infrastructure underneath is fragmented, extractive, and closed to most of the world. That is what @Morpho is here to change. Morpho is building the open credit network for the world. The global credit market is $ 200T. We are building the infrastructure layer that will move it onchain, and every institution, fintech, and bank that wants to participate in the next era of finance will connect to this network. After four years of being heads down building Morpho, we now count more than $11B in deposits and integrations with leading financial institutions including @Coinbase, @Binance, @FireblocksHQ, @SG_Forge, @krakenfx, @Bitwise, and dozens of others building on Morpho to offer better products to their users. But this is just the beginning. This raise will allow us to accelerate: activating the global credit network at scale, building the go-to-market engine to match our ambition, and bringing more institutions onto the network faster. Having any kind of onchain strategy in this era will mean going through Morpho at some point. Reach out and let's talk. And if you want to help build the open credit network for the world, we have plenty of open roles. Let’s fly 🦋

Morpho Midnight has passed $100M in originations! We’re expanding Midnight to more chains and assets ahead of the real milestone: allowing Morpho Vaults to deposit into Midnight.

Gold is a ~$30T asset class. Less than 0.1% of it is onchain. And of that, only a sliver is used as collateral. Today, @Coinbase users can borrow USDC against tokenized gold, right in the app, powered by @Morpho. Tokenization is step one. Making assets productive is step two. The latter will drive the former.

It’s 3 am mid-flight. The guy next to me hasn’t said a word, but I’m pretty sure he’d love for me to stop voice-prompting Claude.

Great breakdown of Morpho Midnight through last week’s market events. Morpho Blue is already highly resilient by design. Midnight goes further: no shared rate. When liquidity dries up, matched loans keep their rate and maturity. Your fixed rate stays… fixed. This is what is needed to bring trillions from the serious institutions.

A difficult day for the industry. Thinking of everyone affected and the teams working around the clock. For onchain credit, moments like these are a reminder of why market structure matters, especially how risk is managed, shaped and contained. Morpho was intentionally built this way: - Markets are isolated. You choose which markets you're exposed to, and a problem in one market doesn't spread to the others. - Collateral isn't rehypothecated for everyone, it is a choice. - Counterparty exposure (eg sanctioned entity) can be controlled. Optional permissionning, like on Midnight or Vaults, lets participants define who can lend and borrow. None of this eliminates risk entirely. Individual markets can still see liquidity constraints and rate volatility over the coming days as DeFi absorbs the shock. But these design choices are meant to prevent systemic risk and limit contagion in moments like this. As more of finance moves onchain, thoughtful market structure will be fundamental to a more resilient financial system, especially if we want to be trusted by the world's largest players.

Our ambition is to bring the $200T+ global credit market onchain. If we’re serious about underwriting credit for 8B people, we’ll need hundreds of curators allocating trillions of dollars. Wrote about why we’re taking the long view on curation, and how all credit will come onchain, market by market.

BTC-backed stablecoin loans, now live for every Ledger Wallet user. Keep your Bitcoin in self-custody and borrow right from the app. Powered by @Morpho!

Morpho is hitting new all-time highs almost every week. It is the fastest-growing DeFi lending protocol of 2026, driven by use cases less and less tied to crypto markets or crypto users... Much more soon :)

Better oracle transparency has been a recurring request from users and institutions, and it's now live on the Morpho App! Market pages on the App now provide more details on how their oracles work, giving greater visibility into the underlying price feeds and data providers.

Morpho's RWA markets just crossed $2B in deposits. Tokenizing assets was step 1. Using them to unlock financing and build cheap, global, credit markets onchain is step 2. Morpho will make every RWA productive.

We've been sharing a lot about how Morpho Midnight works but there's still a lot to unpack. What parts of Midnight would you like us to dive deeper into?

Morpho Vaults will soon be able allocate to Morpho Midnight. The hardest challenge for fixed-rate lending onchain has been attracting enough smart liquidity to make these markets work at scale. The Midnight Adapter make Midnight's fixed-rate, fixed-term markets accessible to ~$5B already deposited in Morpho Vaults. The adapter unlocks a new and much larger design space for vaults to differentiate on rates, duration, and liquidity: - Vaults won't be limited by just the Morpho Blue pools and will be able to allocate across variable-rate Blue markets and fixed-rate Midnight markets or P2P offers. - Vaults will be able to make intentional liquidity trade offs. Blue markets target 90% utilization, whereas Midnight markets are 100% utilized with a term. Higher utilization can increase returns with less available liquidity as a tradeoff, and vice versa. - Vaults can set their own terms. On Blue, vaults are price takers. On Midnight, vaults can configure risk, compliance, and liquidity parameters which it's willing to accept at a given rate. Connecting this massive pool of liquidity to Midnight is the single most important step to fully unlock fixed-rate lending onchain for the first time.

Bitso, the largest LATAM-founded exchange, now offers Earn on USDC and MXNB with @Morpho 🇲🇽💙 The Morpho liquidity flywheel on @base in action: 1- More fintechs supply USDC → deeper liquidity and cheaper borrowing for fintechs' and coinbase users 2- More borrow demand → better rates for fintech users like Bitso’s In an open financial system, everybody wins (except legacy rails)

Two very unique aspects of @Morpho's market & vault curation design that we dont talk about much: 1. Own your vault. When you own a Morpho Vault, the business belongs to you, not Morpho. You decide how it operates and responsibilities are delegated. Morpho has no special admin rights to take over your vault or revoke your ownership. 2. Neutral markets aggregate liquidity. No party can own the underlying markets so even users or businesses with competing interests can share the same markets. If markets were owned, it would lead to competition between markets and cause liquidity fragmentation

Up to $500m to lend against tokenized stocks on @Morpho with @SteakhouseFi .... I am not sure the non-crypto world is ready for this very cheap cost of capital

High-net-worth wealth is still one of the least productized categories in finance. Excited to work with @billbar and @AbraGlobal to change that, onchain, with @Morpho.

Midnight is the most ambitious protocol we’ve ever built. It’ll take months to reach its full potential, but today's $100m is a first milestone worth celebrating 🦋