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MORPHO to USDT Converter
1 MORPHO = 2.1780 USDT · updated 06:19 UTC
Volume Bubbles Chart (1h)
Each 1-hour candle's volume is signed by its direction (up candles count as net buying, down candles as net selling) and drawn as a bubble at the closing price, green for buying and red for selling. Bubble size and colour intensity show how strong that flow is compared with the last 300 candles: the strongest 30% get full bubbles with their USD value, the rest stay as small dots. Unusually large bubbles flag aggressive buying or selling worth a closer look, often near breakouts, reversals or key levels.Seasonal Chart
Plots one line per calendar year showing the % change since the start of that year, with the current year highlighted against up to four previous years. Lining the years up on the same calendar shows whether the price tends to rise or fall in the same months, helping you spot recurring seasonal patterns. Treat it as context rather than a forecast: past seasonality does not guarantee future moves.Morpho Markets
Morpho Historical Data
About Morpho (MORPHO)
Morpho is a decentralized lending network that runs on Ethereum and other blockchains. It lets anyone create simple lending markets and lets specialists build vaults that spread deposits across those markets. Its design favors small, separate markets over one large shared pool. Other companies use it as the lending engine inside their own apps. MORPHO is the network's governance token. FMchart's MORPHO price draws on quotes from several large exchanges.
Markets and curated vaults
A Morpho market pairs one loan asset with one collateral asset under fixed rules. Keeping markets separate limits how far a problem in one can spread. Vaults sit on top. Depositors put in a single asset, and a curator decides which markets receive it and how much risk to take. Curators are usually specialist risk firms. The asset manager Bitwise, which runs crypto ETFs, joined as a curator in January 2026.
Morpho V2 and fixed-rate loans
Most DeFi loans have interest rates that change constantly. In June 2025, Morpho announced Morpho V2, a plan built around fixed-rate, fixed-term loans. It has two parts. Vaults V2 adds stronger role controls and more flexible strategies, and its deposits passed $800 million by January 2026. Morpho Midnight is a marketplace where lenders and borrowers propose their own rates and maturities. Midnight went live on the Base network on July 21, 2026, starting with cbBTC and USDC.
Lending inside other apps
Much of the network's growth comes from partners. Coinbase uses it for crypto-backed loans, which reached about $1.1 billion in active loans within roughly a year, Morpho said in January 2026. Kraken launched an earn product partly built on Morpho that same month. Morpho also said deposits linked to real-world assets grew from about $1.5 million at the start of 2025 to more than $820 million by January 2026. In January 2026, it described itself as the top DeFi protocol by monthly active users.
The token and the Association
MORPHO has a total supply of 1 billion tokens and is mainly used for governance. In 2025, Morpho Labs became a wholly owned subsidiary of the Morpho Association, a French non-profit, through a 100% share transfer. As a result, the token is the only asset tied to the project, with no separate company shares. The Association has said it prefers to reinvest revenue in growth rather than pay it out to holders.
Risks to weigh
Isolated markets limit contagion but do not remove risk. Faulty oracle prices, smart contract bugs or a poor curator decision can still cause losses for depositors. Fixed-rate lending on Midnight is new and largely untested at scale. The token's value is not directly linked to fees, and unlocks of tokens held by early contributors and investors can add supply.
Last reviewed: Oct 8, 2026
Morpho (MORPHO) FAQ
What is Morpho crypto?
Morpho is a decentralized lending protocol where anyone can create isolated loan markets and curators manage vaults across them. MORPHO is its governance token. Apps such as Coinbase use Morpho to power crypto-backed loans. It runs on Ethereum and other blockchains, including Base.
What are Morpho vaults?
Morpho vaults pool deposits of one asset and lend them across several Morpho markets. A curator chooses the markets and risk limits. Depositors earn interest from borrowers but take on the risk of the curator's choices. Bitwise and specialist risk firms act as curators.
What is the MORPHO token price?
MORPHO is quoted at about $2.1743 on FMchart's composite price. About $3.47M of MORPHO has traded in the past 24 hours across the exchanges in FMchart's composite. The blended number can differ slightly from a single exchange, especially during sharp moves in DeFi tokens.
What does a Morpho curator do?
A curator manages a Morpho vault. It decides which lending markets receive deposits, sets limits for each one and adjusts them as conditions change. Curators are usually risk specialists, and Bitwise joined their ranks in January 2026. Depositors take on the results of those choices.
What is MORPHO's market cap and max supply?
Roughly 703,038,378 MORPHO are in circulation out of a fixed total of 1 billion. MORPHO's market capitalization is about $1.53B, ranking 63 by market value. Circulating supply rises as tokens held by contributors and investors unlock, so market cap reflects both price and new supply.
What is Morpho Midnight?
Morpho Midnight is a fixed-rate lending marketplace that launched on Base on July 21, 2026. Lenders and borrowers offer their own rates and loan terms instead of using a formula. Early markets support cbBTC and USDC. It is part of the Morpho V2 plan announced in June 2025.
Does Coinbase use Morpho?
Yes. Coinbase uses Morpho to power its crypto-backed loans, which grew to about $1.1 billion in active loans within roughly a year, according to Morpho in January 2026. Kraken also launched an earn product partly built on Morpho that month. Many users borrow through these apps without seeing the Morpho name.
What is the highest price MORPHO has reached?
MORPHO's highest price is $4.17, reached on Jan 17, 2025. The token has moved with DeFi lending activity, partner news and token unlocks. Treat that figure as a reference point rather than a forecast. The From ATH value in the Price Statistics panel measures today's gap below it.
How has MORPHO performed so far?
In FMchart's composite price history (since February 2025), MORPHO's strongest month is February 2026 (+55.2%) and its weakest is March 2025 (-42.0%). The Monthly Returns (USD) table lists each month, and the history may be short. Earlier swings do not set a pattern for later ones.
Does MORPHO pay holders a share of fees?
No. The Morpho Association, which owns Morpho Labs, has said it prefers to reinvest revenue into growth rather than distribute it. MORPHO is mainly a governance token, so its value is not directly linked to protocol fees. Holders mainly use it to vote on governance.