Morpho says its network now has more than $4 billion in USDC deposits and provides infrastructure for Bitcoin-backed borrowing products linked to Coinbase and Ledger.
Morpho said the total counts USDC alone. Deposits across all assets stood at $16.94 billion in the Oct. 7 snapshot, a broader measure that includes assets beyond USDC.
A Coinbase product draws on Morpho’s credit infrastructure for fixed-rate borrowing backed by Bitcoin (BTC), with loans issued in USDC. The Coinbase-linked Midnight lending market had previously passed $100 million in deposits, according to EconoTimes’ earlier coverage. That figure applied to one market; the $4 billion milestone covers USDC deposits across Morpho’s network. Coinbase manages the product; loans settle on Base.
Ledger also offers Bitcoin-backed borrowing through Morpho.
