Morpho deposits hit $2.8B, bucking DeFi downturn

USDC deposits into Morpho are increasing despite a broader downturn in the DeFi sector, TokenTerminal reported via X. While the total value locked (TVL) across all of DeFi has fallen by 42% over the past year, USDC deposits on Morpho have surged by approximately 86% to reach $2.8 billion. Morpho recently launched a privacy-preserving crypto interest product in partnership with ZAMA and Steakhouse Financial. The platform has also integrated a USDC lending product with Coinbase (COIN).