Assets
107 loan assets, 535 collateral assets across 1,847 markets and 12 chains · $4.11B supply · $5.8B collateral
Asset Class Composition Over Time
Stablecoins: 93% of supply (was 75% 12mo ago). BTC: 56% of collateral (was 52%).
Asset Class Economics
Where supply, collateral, and borrow interest actually concentrate
| Class | Total Supply | Total Collateral | Borrow Interest Gen. | Avg Utilization | Avg Supply APY | 30d Δ % | Doubling Time |
|---|---|---|---|---|---|---|---|
| Stablecoins | $3.82B | $836.86M | $162.45M | 88.3% | 4.24% | -2.8% | N/A |
| ETH | $190.3M | $136.74M | $3.76M | 87.2% | 1.97% | -33.3% | N/A |
| Other | $69.43M | $602.76M | $655.48K | 52.3% | 0.94% | -24.1% | N/A |
| BTC-pegged | $30.2M | $3.22B | $99.42K | 16.7% | 0.33% | -59.9% | N/A |
| LSTs | $2.53M | $760.37M | $1.9M | 99.9% | 74.91% | -47.9% | N/A |
| LRTs / PTs | $0 | $211.76M | $0 | N/A | N/A | N/A | N/A |
| RWA | $0 | $25.67M | $0 | N/A | N/A | N/A | N/A |
Stablecoin Deep Dive
$3.82B stablecoin supply (loan side)
| Symbol | Total Supply | Borrow Int. Gen. | Avg Supply APY | # Markets | 30d Δ |
|---|---|---|---|---|---|
| USDC | $2.59B | $121.03M | 4.65% | 528 | +1.1% |
| PYUSD | $411.35M | $16.23M | 3.94% | 15 | +8.7% |
| USDT | $354.2M | $9.07M | 2.55% | 34 | -11.6% |
| RLUSD | $213.89M | $7.5M | 3.50% | 9 | -3.2% |
| USDtbena | $48.48M | $2.1M | 4.33% | 2 | -59.7% |
| AUSD | $41.83M | $2.17M | 5.18% | 26 | -35.6% |
| USDT0 | $26.95M | $881.91K | 3.26% | 45 | +24.9% |
| vbUSDC | $24.76M | $335.41K | 1.35% | 16 | -43.0% |
| EURCV | $24.73M | $337.6K | 1.36% | 10 | +2.0% |
| msUSD | $20.85M | $567.09K | 2.72% | 3 | +0.0% |
| USD₮0 | $13.24M | $777.42K | 5.84% | 26 | -28.7% |
| EURC | $11.19M | $272.84K | 2.43% | 15 | -25.7% |
| vbUSDT | $9.48M | $104.98K | 1.11% | 11 | +0.2% |
| USDS | $8.4M | $293.1K | 3.48% | 11 | -8.6% |
Ethena (USDe + sUSDe + USDtb): $49.18M = 1.3% of Morpho stablecoin supply. Despite Ethena's positioning as a yield-bearing stablecoin native to lending markets, its Morpho footprint is far below the sector narrative.
Spread vs 3M T-bill. Coming once the FRED sync lands (tbill_rates_daily is empty).
Collateral Assets Deep Dive
$5.8B total collateral locked
| Symbol | Class | Total Collateral | # Markets | # Chains | Max LLTV | Wtd Util | 30d Δ |
|---|---|---|---|---|---|---|---|
| cbBTC | BTC | $2.58B | 32 | 4 | 95% | 88.8% | -10.0% |
| wstETH | LST | $585.03M | 54 | 8 | 97% | 85.6% | -38.0% |
| WBTC | BTC | $321.59M | 40 | 7 | 95% | 87.5% | -23.9% |
| kBTC | BTC | $243.88M | 3 | 1 | 86% | 93.9% | +162.5% |
| weETH | LRT | $211.64M | 29 | 6 | 95% | 91.5% | -21.4% |
| USDe | STABLE | $191.74M | 8 | 3 | 95% | 90.5% | +35149.3% |
| syrupUSDC | STABLE | $142.23M | 7 | 3 | 92% | 90.0% | -8.4% |
| kHYPE | LST | $136.85M | 10 | 1 | 92% | 82.0% | -24.5% |
| PRIME | OTHER | $128.25M | 2 | 1 | 86% | 90.9% | +36.3% |
| WETH | ETH | $125.6M | 33 | 8 | 92% | 88.1% | -11.0% |
| sUSDe | STABLE | $100.46M | 16 | 4 | 95% | 87.9% | -44.4% |
| WHYPE | OTHER | $93.5M | 9 | 1 | 77% | 87.2% | -29.0% |
| AA_FalconXUSDC | STABLE | $76.86M | 2 | 1 | 77% | 91.9% | -1.3% |
| cbXRP | OTHER | $73.29M | 2 | 1 | 77% | 87.2% | -3.2% |
| sUSDS | STABLE | $69.37M | 7 | 2 | 97% | 87.8% | -24.4% |
| LBTC | BTC | $59.58M | 17 | 5 | 95% | 88.7% | +5.1% |
| stcUSD | STABLE | $31.82M | 4 | 2 | 92% | 89.6% | +2.7% |
| wsrUSD | STABLE | $31.37M | 12 | 5 | 98% | 88.6% | -50.0% |
| siUSD | STABLE | $27.2M | 4 | 3 | 92% | 88.4% | -20.9% |
| reUSD | STABLE | $26.36M | 2 | 1 | 92% | 90.6% | +59.2% |
cbBTC: $2.58B, WBTC: $321.59M, LBTC: $59.58M, others: $262.57M. Combined BTC collateral = 55.6% of Morpho-wide collateral. The Coinbase-Morpho-Base flywheel.
LSTs: $760.37M backing borrows. wstETH dominant at 76.9%. LRTs (weETH, ezETH, rsETH): $211.76M combined.
Asset Velocity. Who's Growing, Who's Shrinking
30d supply growth × total supply (log) · bubble = # markets · color = class
Per-Chain Asset Mix
Collateral class mix + borrow interest generated, by chain
Uncategorized Assets
Assets above $10M not in a thematic class. A maintenance signal. The remainder are reviewed native-gas / governance / exotic tokens with no thematic bucket.
| Symbol | Side | USD | # Markets |
|---|---|---|---|
| PRIME | collateral | $128.25M | 2 |
| WHYPE | collateral | $93.5M | 9 |
| cbXRP | collateral | $73.29M | 2 |
| WHYPE | loan | $43.56M | 12 |
| sthUSD | collateral | $21.88M | 2 |
| mM1-USD | collateral | $20.81M | 2 |
| USD3 | collateral | $20.13M | 1 |
| PST | collateral | $19.77M | 1 |
| aHYPER | collateral | $19.5M | 2 |
| dCOMP | collateral | $19.28M | 1 |
| mHYPER | collateral | $12.02M | 4 |
| wstHYPE | collateral | $11.79M | 8 |
| PT-USD3-17DEC2026 | collateral | $11.17M | 1 |
| PT-sUSDD-27AUG2026 | collateral | $10.5M | 2 |
Methodology
Assets sit on both sides of Morpho's balance sheet. Supply-side metrics measure lent capital; collateral-side metrics measure locked capital backing borrows. Borrow interest generated by an asset reveals its economic productivity. High supply with low borrow interest indicates idle capital.
Total Supply = Σ supply_assets_usd by loan asset. Total Collateral = Σ collateral_assets_usd by collateral asset. Borrow Interest = Σ borrow × LEAST(borrow_apy, 1.0). APYs clamped at 100% and markets reporting >100% APY are excluded (degenerate-IRM). Asset class is inferred from symbol.
Assets analyzed on both sides of Morpho's balance sheet. Loan-asset (supply) side: Total Supply, Borrow Interest Generated (Σ borrow × LEAST(borrow_apy,1.0)), Net Lender Yield. Collateral side: Total Collateral, # markets, weighted LLTV. APYs clamped at 100% and degenerate-IRM markets (APY>100%) excluded. Asset class inferred from symbol.
Datum Labs. (2026). Morpho Research Terminal: Assets. Balance sheet. Retrieved July 1, 2026 from /assets.