MORPH
The 21shares Morpho ETP (MORPH) offers investors a liquid way to integrate exposure to Morpho into their portfolios through their bank or broker, offering a way to capture value from the expansion of decentralized credit markets.
Bespoke onchain lending architecture
Morpho transforms DeFi lending by matching borrowers and lenders directly in customized and isolated markets, nearly eliminating1 rate spreads. The ability to set custom risk parameters leads to greater efficiency and lower capital requirements. Because these markets are permissionless and inexpensive to launch, they naturally attract assets and offer risk-adjusted yields.
Morpho is scaling at a rare pace in DeFi
The strong demand for and trust in Morpho is clear. The protocol is scaling at a rare pace in DeFi: as of November 2025, Morpho has deposits surpassing $9 billion, active loans topping $4 billion2, and assets have jumped 120%3 during the course of the year. Institutional adoption is growing, evidenced by partnerships with Coinbase4 and Crypto.com5, and deepening liquidity is propelling Morpho toward dominance in the LaaS sector.
A bridge to DeFi for institutional
Major financial institutions are leveraging Morpho to bridge traditional finance with DeFi. For example, European banks like Société Générale6 use the protocol to offer regulated euro and dollar stablecoin loans to institutional clients. Separately, fintech firms such as Deblock utilize Morpho to build compliant, modular onchain banking services.
Footnotes:
1Delphi Digital. “Morpho Finance: A Pareto-Efficient Lending Optimizer.” https://members.delphidigital.io/reports/morpho-finance-a-pareto-efficient-lending-optimizer#closing-thoughts-6430:~:text=rates%20for%20borrowers.-,How%20Morpho%20Works,-Morpho%20is%20built
2Token Terminal. https://tokenterminal.com/explorer/studio/dashboards/6c0c86f3-13ff-462f-94ec-93592de3aa0e
3DefiLlama. https://defillama.com/protocol/morpho
4Dune. Coinbase Onchain Loans. https://dune.com/ryanyyi/coinbase-onchain-loans/b9fea3da-2d44-44b9-a314-9c13eba4b070
5https://crypto.com/au
6https://morpho.org/blog/societe-generale-forge-comes-onchain-with-morpho/
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