TL;DR
Morpho’s real-world asset (RWA) lending markets recorded $2.145 billion in deposits and $894.18 million in outstanding loans on October 28.
Private credit represented approximately 58% of RWA deposits in CertiK’s September analysis, underscoring its role in onchain lending.
Tokenized equities and credit assets are expanding borrowing options , although collateral concentration, liquidation risks and jurisdictional restrictions remain important considerations.
Morpho’s RWA markets have surpassed $2 billion in deposits as demand for borrowing against tokenized real-world assets continues to develop across decentralized finance (DeFi) . The protocol’s October 28 dashboard recorded $2.145 billion in deposits and $894.18 million in outstanding loans, reflecting growing use of blockchain-based lending to connect digital assets with traditional financial instruments.
The figures point to an expanding market for onchain credit, where users can supply capital, earn variable yields and access liquidity against eligible collateral . However, the composition of deposits and the concentration of certain borrower positions remain important factors when assessing the sector’s growth.
Private Credit Drives Morpho RWA Market Growth
Private credit accounts for a substantial share of Morpho’s RWA activity. In an October 13 analysis based on data through September 26, blockchain security firm CertiK estimated that private credit represented approximately 58% of deposits and 59% of active loans across the protocol’s RWA markets.
CertiK recorded $1.58 billion in deposits and $641 million in loans at that point, compared with $1.07 billion and $411 million, respectively, on July 1. The increase indicates that capital committed to these markets expanded significantly during the period.
Research published by Sentora on October 1 also identified concentrations across several collateral assets. PRIME, a token associated with home-equity lending, accounted for $270 million in collateral , followed by PT-reUSD at $136 million, syrupUSDG on Robinhood Chain at $128 million and Huma’s payment-financing token PST at $103 million.
Together, these four positions represented approximately 57.9% of the $1.10 billion in RWA collateral covered by Sentora’s dataset. These figures measure pledged collateral rather than total deposits, so they provide a different view of the market’s structure.
Tokenized Stocks Expand Onchain Borrowing Options
Morpho’s lending infrastructure also supports borrowing against tokenized equities. By September 18, Steakhouse Financial had curated five USDC lending markets tied to stock tokens representing Apple, Alphabet, Nvidia, Meta and SpaceX .
These markets allow eligible holders to use tokenized assets as collateral to access stablecoin liquidity without necessarily selling their positions. The approach illustrates how DeFi lending can create additional financial utility for blockchain-based representations of traditional assets.
Morpho has also expanded its lending products beyond variable-rate markets. Its Midnight launch on Base introduced fixed-rate, fixed-term borrowing, allowing participants to negotiate interest rates, maturities and counterparties through peer-to-peer matching .
