Assets
105 loan assets, 515 collateral assets across 1,775 markets and 12 chains · $4.01B supply · $5.69B collateral
Asset Class Composition Over Time
Stablecoins: 92% of supply (was 74% 12mo ago). BTC: 56% of collateral (was 55%).
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 | $3.68B | $766.65M | $153.5M | 87.0% | 4.15% | -3.9% | N/A |
| ETH | $198.94M | $134.5M | $3.14M | 84.8% | 1.58% | -41.3% | N/A |
| BTC-pegged | $64.09M | $3.19B | $109.37K | 10.9% | 0.17% | -21.2% | N/A |
| Other | $58.13M | $527.2M | $3.29M | 68.2% | 5.65% | -32.5% | N/A |
| LSTs | $3.93M | $815.04M | $71.43K | 64.9% | 1.82% | -24.0% | N/A |
| LRTs / PTs | $0 | $200.78M | $0 | N/A | N/A | N/A | N/A |
| RWA | $0 | $48.87M | $0 | N/A | N/A | N/A | N/A |
Stablecoin Deep Dive
$3.68B stablecoin supply (loan side)
| Symbol | Total Supply | Borrow Int. Gen. | Avg Supply APY | # Markets | 30d Δ |
|---|---|---|---|---|---|
| USDC | $2.43B | $110.52M | 4.53% | 517 | +2.1% |
| PYUSD | $370.65M | $10.97M | 2.96% | 15 | +26.2% |
| USDT | $358.99M | $12.17M | 3.38% | 32 | -32.1% |
| RLUSD | $185.78M | $4.13M | 2.22% | 8 | +9.5% |
| USDtbena | $110.33M | $2.71M | 2.45% | 1 | +26.8% |
| AUSD | $52.55M | $6.35M | 12.03% | 26 | -31.3% |
| vbUSDC | $35.76M | $1.74M | 4.85% | 17 | -30.2% |
| EURCV | $26M | $219.47K | 0.84% | 10 | -62.1% |
| USDT0 | $25.54M | $759.8K | 2.97% | 42 | -12.4% |
| msUSD | $20.83M | $525.91K | 2.52% | 3 | +39.9% |
| USD₮0 | $19.81M | $1.79M | 8.99% | 27 | +13.1% |
| EURC | $14.23M | $94.28K | 0.66% | 15 | -10.5% |
| USDS | $9.01M | $222.91K | 2.46% | 11 | -21.7% |
| vbUSDT | $7.81M | $127.3K | 1.62% | 11 | -87.8% |
Ethena (USDe + sUSDe + USDtb): $111.09M = 3.0% 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
$5.69B total collateral locked
| Symbol | Class | Total Collateral | # Markets | # Chains | Max LLTV | Wtd Util | 30d Δ |
|---|---|---|---|---|---|---|---|
| cbBTC | BTC | $2.56B | 29 | 4 | 95% | 88.0% | -18.7% |
| wstETH | LST | $636.67M | 49 | 8 | 97% | 84.1% | -41.8% |
| WBTC | BTC | $356.75M | 38 | 7 | 95% | 87.2% | -29.5% |
| weETH | LRT | $200.64M | 27 | 6 | 95% | 88.8% | -32.7% |
| kBTC | BTC | $168.88M | 2 | 1 | 86% | 81.8% | +220598.1% |
| sUSDe | STABLE | $161.6M | 17 | 4 | 95% | 90.4% | -28.5% |
| syrupUSDC | STABLE | $146.93M | 7 | 3 | 92% | 89.7% | +60.5% |
| kHYPE | LST | $141.64M | 10 | 1 | 92% | 93.1% | -25.7% |
| WETH | ETH | $122.63M | 33 | 8 | 92% | 88.0% | -23.6% |
| PRIME | OTHER | $108.28M | 2 | 1 | 86% | 91.6% | N/A |
| WHYPE | OTHER | $91.99M | 10 | 1 | 77% | 87.6% | +12.3% |
| sUSDS | STABLE | $80.6M | 5 | 2 | 97% | 87.4% | -43.2% |
| AA_FalconXUSDC | STABLE | $75.87M | 2 | 1 | 77% | 91.3% | -0.7% |
| cbXRP | OTHER | $71.62M | 2 | 1 | 77% | 86.9% | -0.7% |
| LBTC | BTC | $62.79M | 17 | 5 | 95% | 88.9% | +25.2% |
| wsrUSD | STABLE | $46.96M | 13 | 6 | 98% | 88.9% | -45.4% |
| msY | OTHER | $45.2M | 2 | 1 | 92% | 80.7% | +43.0% |
| vbWBTC | BTC | $40.31M | 3 | 1 | 86% | 89.4% | +24.0% |
| PT-reUSD-25JUN2026 | STABLE | $39.33M | 2 | 1 | 92% | 88.8% | +27.6% |
| stcUSD | STABLE | $31.03M | 4 | 2 | 92% | 86.5% | +2.6% |
cbBTC: $2.56B, WBTC: $356.75M, LBTC: $62.79M, others: $214.29M. Combined BTC collateral = 56.2% of Morpho-wide collateral. The Coinbase-Morpho-Base flywheel.
LSTs: $815.04M backing borrows. wstETH dominant at 78.1%. LRTs (weETH, ezETH, rsETH): $200.78M 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 | $108.28M | 2 |
| WHYPE | collateral | $91.99M | 10 |
| cbXRP | collateral | $71.62M | 2 |
| msY | collateral | $45.2M | 3 |
| WHYPE | loan | $32.35M | 12 |
| dCOMP | collateral | $21.17M | 1 |
| aHYPER | collateral | $15.96M | 2 |
| AVLT | collateral | $13.49M | 2 |
| WLD | loan | $11.04M | 3 |
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 June 10, 2026 from /assets.