$10.4B Morpho Tops Its Old Peak As RWA Loans Jump 55.8%
Key Points
- Morpho’s TVL sat near a new high of about $10.4 billion on Sept. 26, while total DeFi TVL stayed 44.2% below its peak.
- Morpho’s RWA deposits rose 48.7% to $1.58 billion from July 1 to Sept. 26, and active RWA loans climbed 55.8% to $641 million.
- Private credit is 58% of Morpho’s RWA deposits, so check which markets a curated vault allocates to before your $1,000 goes in.
Morpho’s real-world asset loans grew 55.8% to about $641 million between July 1 and Sept. 26, outpacing a 48.7% rise in RWA deposits to $1.58 billion. CertiK published the figures on Oct. 13 in a research note on Morpho’s new high, concluding that “RWA liquidity is being used rather than merely deposited.” For your wallet, that is the signal: tokenized credit on Morpho is now a working lending market, and the isolated design decides how much of its risk lands on you as a lender.
Morpho Clears Its Old Peak While DeFi Sits 44.2% Lower
Morpho is growing inside a lending market that has not fully healed.
Total DeFi TVL recovered to about $95.4 billion by Sept. 26, CertiK found. That is still 44.2% below the October 2025 high of about $171.1 billion.
Morpho’s TVL had already cleared its previous peak and sat near a new all-time high of about $10.4 billion.
Against each protocol’s own reference high, Aave V3 stood at about 40%, SparkLend at 82%, JustLend V1 at 78% and Maple at 93%.
Morpho stood at roughly 150%. Aave is still the larger lender by TVL, but Morpho is the one running above its old range.
Over 30 days, Morpho deposits rose about 10.4% to $16.4 billion, and outstanding loans rose about 14.2% to $5.4 billion.
For lenders, that gap matters. Borrowed capital is what pays supply yield, and idle deposits earn little.
Morpho RWA Loans Climb 55.8% To $641M
The RWA numbers are where this turns into a yield story.
From July 1 to Sept. 26, Morpho’s RWA deposits grew from about $1.07 billion to $1.58 billion, a 48.7% increase.
Active RWA loans grew faster, from about $411 million to $641 million, up 55.8%.
The loan-to-deposit ratio moved from 38.6% to 40.5%, so roughly 40 cents of every RWA dollar supplied was out on loan by the end.
Private credit leads. It made up about 58% of RWA deposits and 59% of active RWA loans in the latest snapshot.
Strip away the TVL race and this is really about whether lenders in RWA-backed markets get paid by real borrowers or just park idle cash.
Distribution helped. On Robinhood Chain, Morpho deposits went from about $17 million on July 2 to $1.03 billion on Sept. 26.
Loans there rose from about $7.4 million to $453 million over the same stretch.
Arc moved fastest from a small base. Its active loans jumped from about $1.4 million to $154 million between Sept. 17 and Sept. 26.
Before you pick a vault, compare DeFi lending yields across tokenized assets.
Morpho’s RWA Vaults Still Hinge On Curator Picks
CertiK is careful about cause, writing that “the architecture alone cannot be treated as the cause of Morpho’s growth.”
Each Morpho market pairs one loan asset with one collateral asset, an oracle, a rate model and a loan-to-value limit. Curated vaults then spread deposits across chosen markets.
That isolation contains damage, but it does not remove it. Supply through a vault and you inherit the collateral, oracle and liquidation risk of every market its curator picks.
Concentration is the next watch item. CertiK says the case gets stronger only if RWA loan growth continues without heavy exposure to a few markets or counterparties.
When Theo launched its gold-backed thUSD, chief investment officer Iggy Ioppe said the token works permissionlessly across the 200 countries where it is live after a one-time identity check, as our coverage of Theo’s gold-backed stablecoin vault reported.
Holders can post thUSD on Morpho, one of the routes tokenized assets take into these lending markets.
CertiK rated Morpho AA with a Skynet Score of 90.99 as of Sept. 28. It calls that a dated snapshot, not a substitute for checking each market’s collateral, oracle and curator.
Watch whether Robinhood Chain borrowing holds after its first ramp, and whether Arc keeps its loans past the early surge.
Morpho made the first move above its old peak. Whether RWA borrowers keep paying lenders once the early ramp fades is what your vault yield actually depends on.
Weighing a Morpho vault? The Yield Gap desk tracks where RWA lending yield comes from and who carries the risk.
Frequently Asked Questions
How much RWA lending is happening on Morpho?
CertiK counted about $1.58 billion in RWA deposits and $641 million in active RWA loans on Morpho as of Sept. 26. Deposits grew 48.7% and loans grew 55.8% from July 1. Private credit was the largest segment, at about 58% of RWA deposits.
Is Morpho bigger than Aave now?
No. Aave remained larger by TVL, according to CertiK. The difference is direction: Morpho sat at about 150% of its previous-cycle high on Sept. 26, while Aave V3 was at about 40% of its reference high.
Can I earn yield from Morpho’s RWA markets with a small wallet?
Lenders supply assets to Morpho markets directly or through curated vaults that allocate across them. CertiK’s report lists no rates or entry terms for individual RWA markets, so check a vault’s markets, collateral and curator before you deposit. Some RWA tokens, such as Theo’s thUSD, need an identity check to hold.
Is lending on Morpho safe?
Isolated markets limit how far one failure spreads, but they do not remove risk. Each market still depends on its collateral, oracle and liquidation settings, and a vault inherits the risk of every market its curator picks. CertiK’s AA rating, with a 90.99 Skynet Score on Sept. 28, is a dated, project-level snapshot.
