Morpho hits record $4.1 billion in USDC deposits

The onchain lending protocol's USDC balance grew 40% in three months, helped by Coinbase and Robinhood integrations USDC deposits on Morpho have climbed to a record $4.1 billion, a new high for the onchain lending protocol. The milestone matters because of where it lands. Stablecoins are the cash drawer of decentralized finance. Whoever holds the biggest drawer tends to set the terms for borrowing. A steep climb in a short window Morpho announced on November 5, 2026, that USDC deposits had crossed the $4 billion mark. The figure reflects 40% growth over the prior three months. That pace looks even sharper when you rewind a bit further. By July 2026, USDC deposits on Morpho had already jumped 86% to $2.8 billion. The July surge came while DeFi’s total value locked was declining across the sector. Morpho was filling up while the broader pool was draining. The protocol’s overall footprint is considerably larger than its USDC balance. Total deposits across Morpho are estimated at approximately $14–17 billion in recent months, with USDC making up a substantial share. The research behind those figures describes Morpho as the leading venue for USDC-based credit. How the machine works The ...