Morpho USD

Crypto wallet infrastructure provider Turnkey has launched two new products, Swaps and Earn, expanding beyond wallet creation and transaction signing into in-app trading and onchain lending. Swaps lets businesses embed crypto trading directly into their own interfaces, with Turnkey handling quote aggregation, routing and transaction execution while customers set their own fees; it covers 10 networks, including Ethereum, Base, Arbitrum, Polygon, BNB Chain, Optimism, Monad and Solana, with more expected soon. Earn connects businesses to lending vaults across eight networks through the DeFi protocols Aave and Morpho, with Turnkey managing vault discovery, deposits and withdrawals, and allowing customers to take a share of the yield generated by user deposits as a recurring revenue stream. Turnkey said it has already processed more than $200 billion in stablecoin transaction volume, giving the new products an existing transaction infrastructure to build on. The launch comes as the onchain lending market scales rapidly: Aave's V4 reached a record $100 in deposits within days of launch, while Morpho is generating about $17.65 million in monthly fees, or more than $205 million on an annualized basis.

DeFi lending protocol Morpho has officially launched Morpho Midnight, a fixed-rate, fixed-term lending protocol. Morpho's total deposits have reached $11.35 billion, and this marks its first foray into fixed-rate lending. Initially, it will support a market on Base for borrowing and lending USDC against cbBTC collateral, with limited maturities, but plans to expand to additional markets and networks going forward. It will coexist with the existing variable-rate Morpho Blue, aiming to attract enterprises and institutional investors with fixed rates.

Kirifuda announced on July 14 that it has launched a service called LaaS, which embeds DeFi lending functionality into trading apps and wallet apps, and as its first initiative will support the integration of the DeFi lending protocol Morpho, which has around 13 billion dollars in custodied assets, for domestic businesses. Under LaaS, Kirifuda analyzes Morpho's smart contracts, permission design, fees, and risk factors, organizes domestic regulatory issues and user protection perspectives, and then provides a gateway infrastructure and APIs and SDKs that limit the scope of use. Integrating businesses can use the accompanying materials for legal and compliance verification, but the final legal check must be conducted by the business itself according to the service content, and they must consult with the Financial Services Agency and others as necessary. Kirifuda plans to expand coverage to DeFi protocols on Solana such as Kamino in the future.