The Morpho lending protocol reached $500.27 million in total deposits on Circle’s Arc network by October 2, 2026. The platform launched alongside the Arc mainnet on September 16, 2026, attracting between $150 million and $220 million in deposits on its first day.
Outstanding loans on the platform totaled $189.93 million as of October 2. The majority of activity, approximately 86%, is concentrated in the cirBTC/USDC market, where users provide Bitcoin-backed tokens as collateral to borrow USDC.
Institutional capital dominates the platform, with curated vaults managed by firms such as Steakhouse Financial, Bitwise, Galaxy, and Keyrock. These vaults currently offer a net APY of approximately 0.80%.
Morpho’s broader network held $16.54 billion in total deposits as of early October 2026, making the Arc deployment account for roughly 3% of its total volume. The Arc network itself features validator support from institutions including BlackRock and Visa.
