The onchain lending protocol Morpho has reached a record $4,1 billion in USDC deposits. This figure represents a 40% growth over the three months leading up to November 5, 2026.
The protocol's growth is supported by integrations with major platforms like Coinbase and Robinhood. By April 2026, cumulative originations for the Coinbase-powered product reached $2,17 billion.
Total deposits across the entire Morpho protocol are estimated between $14 billion and $17 billion. Additionally, the protocol's real-world asset markets have exceeded $2 billion in deposits.
Morpho operates through several layers, including the Morpho Blue variable-rate lending markets and the Morpho Midnight fixed-rate layer. Third-party managed vaults also contribute significantly to capital inflows.
The platform continues to expand its reach across new chains, with its deployment on Arc securing $500 million in deposits shortly after launch.
