Overview
- Morpho deployed lending markets that accept five Coinbase tokenized equities as 1:1 custody‑backed collateral and restrict access to eligible non‑U.S. investors.
- Independent curator Steakhouse Financial set market parameters and supplied most liquidity for the largest pools, with each market enforcing loan‑to‑value and liquidation rules set by the curator.
- Morpho uses Chainlink total‑return price feeds via its Chainlink V2 oracle adapter to value collateral and calculate borrow limits and liquidations.
- On‑chain usage is small but real, with about $104,401 posted as collateral and $54,652 borrowed in USDC concentrated in Morpho’s variable‑rate pools while its Midnight fixed‑rate markets show no loans.
- This launch builds on Morpho’s large Base footprint and Coinbase’s ADGM/Regulation S token structure with Alpaca custody, and it creates new consumer options to access dollars without selling shares while raising oracle, concentration and curator‑parameter risks to monitor.