The decentralized lending protocol Morpho Protocol recently published its operational report for April 2025. The report mainly shows its collaborations with other crypto industries, including deepening integration with cryptocurrency exchange Coinbase, exploring institutional-level strategies in real-world assets (RWA) field, and expanding availability on mainstream wallets and platforms. These developments highlight Morpho's noteworthy progress in connecting with traditional finance (TradeFi).
Collaboration with Coinbase on Chain Lending
In terms of institutional collaboration, Morpho's integration with Coinbase was one of the highlights in April. Coinbase aims to provide on-chain lending options for its users by integrating crypto-backed loan services supported by Morpho's technology.
According to Morpho's report, the active loan scale under this collaboration project exceeded $130 million by the end of April, with collateral size around $270 million. Additionally, Coinbase reportedly raised the borrowing limit for qualified US users to $1 million.
Wallet Integration
In terms of user reach, Morpho announced integration with multiple wallets and platforms in April. Non-custodial wallet Trust Wallet and hardware wallet Ledger are said to have integrated Morpho and set it as one of the default options for stablecoin yields. Moreover, Morpho was integrated into World App and launched Morpho Mini App, for which World Coin Foundation previously provided a $5 million incentive to promote DeFi features for World App users.
Collaboration with Apollo on ACRED Strategy
On-chain applications of RWA (real-world assets) is one of the trends in the DeFi field. In April, Morpho reported collaborating with asset management company Apollo to launch a strategy called ACRED. This strategy explores possibilities of enhancing yields for institutional-level private credit funds through on-chain structured products.
According to the description, this strategy is managed by Gauntlet on the Polygon chain, using the Morpho protocol to borrow stablecoins against specific RWA tokens (sACRED) as collateral, and then reinvesting the stablecoins back into sACRED, creating a cycle to amplify yields. This collaboration is seen as an example of combining traditional financial asset structures with DeFi lending mechanisms.
Ecosystem Expansion
In terms of product development and ecosystem expansion, Morpho introduced several updates in April. These include the Morpho Prime product line, such as Morpho Curator App (aimed at helping curators manage Morpho Vaults) and Morpho Rewards App (for creating customized reward programs).
Additionally, Morpho Lite version and open-source liquidation robots have been released. In ecosystem integration, the report mentions that BSX platform users can now obtain USDC yields through Morpho, stablecoin lvlUSD is supported by Morpho, and Morpho has gone live on Hyperliquid EVM.
Data shows that on the Base chain, over 45% of cbBTC is reportedly held as collateral or lending assets in the Morpho protocol.
