Market › Algorithmic › Morpho Blue › Ethereum

Morpho Blue (Ethereum)

Takes as collateral: bitcoin and ether

morpho_blue_ethereum · on-chain isolated markets · operated by Morpho Labs · ingesting

One of 10 deployments of Morpho Blue · also on Arbitrum, Base, Hyperliquid L1, Katana, Monad, Optimism, Polygon, Tempo, Unichain

Secured by

Include corporate in the market — financed by bitcoin the issuers hold, no lien

BTC collateral

22,244 BTC

36% of Morpho Blue

1.9% of the market

Dollar debt against bitcoin

$922m

37% of Morpho Blue

2.8% of the market

Aggregate LTV

51.3%

+2.17 pts vs Morpho Blue

Borrow rate (USD loans)

4.28%

−0.62 pts vs Morpho Blue

Lend rate (USD loans)

3.81%

−0.50 pts vs Morpho Blue

Liquidates at

$51,620

37.7% below $82,847

Dollar loans only: other currencies are separate books, never added in

Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.

What “Liquidates at” is: one price for the whole book, not a forecast

"Liquidates at" is the bitcoin price at which this book, taken as one position, stops covering its debt at its liquidation thresholds — an aggregate, not a forecast: individual loans are levered differently and liquidate above it.

Dollar debt against bitcoin of Morpho Blue — Morpho Blue (Ethereum) 37%, 36% of its bitcoin collateral

Dollar debt against bitcoin of Algorithmic — Morpho Blue 56%, 39% of its bitcoin collateral

Dollar debt against bitcoin of the market — Algorithmic 13%, 14% of its bitcoin collateral

Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.

10 of 10 criteria researched. What the criteria are →

Markets — as served, not a venue rate

One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.

No BTC market rows are served for this venue. This venue serves 41 market rows, none flagged as a BTC market: this venue prices isolated {collateral, loan} markets and the rates payload keys each row by its LOAN asset, so BTC posted as collateral here is not flagged as a BTC market row — a shape limit in this dataset, not an absence of collateral at the venue.

Price

What does credit cost here, and how is the price formed?

Rate formation	algorithmic_utilisation source Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — MarketParams.irm. Rate is a function of utilisation: algorithmic_utilisation.
Term structure	open_ended source Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — borrow()/repay() carry no maturity argument; a position persists until repaid or liquidated.
Rate certainty	variable source Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — MarketParams.irm (AdaptiveCurveIRM). The borrow rate is recomputed from utilisation on every accrueInterest(); nothing is fixed at origination.

Quality

What stands behind a position, and what can change under the reader?

Oracle dependency	single source Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — MarketParams.oracle. A market is an immutable tuple (loanToken, collateralToken, oracle, irm, lltv) fixed at createMarket(); exactly one oracle, not upgradeable, not shared across markets.
Default & liquidation	threshold source Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — liquidate() is permitted once a position's LTV exceeds its market's LLTV. The incentive factor is a deterministic function of LLTV, not a governance parameter.
Custody & backing	protocol_custodial source Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — a singleton holding all supplied and collateral assets; supplyCollateral() transfers to the contract and the borrower holds no key over it.
Recourse	non_recourse source Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — a borrower's liability is bounded by the seized collateral. Where a liquidation leaves debt uncovered the shortfall is realised against that market's suppliers as bad debt, not pursued against the borrower.
Track record	32 months observed source Derived from credit_venues.first_date (2023-12-28), the first observation this dataset holds for the venue. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity.

Composition

Who and what makes up this market?

Collateral accepted	BTC representations (26 in scope): cbBTC, WBTC, LBTC, tBTC, eBTC, hemiBTC, uniBTC, BGBTC, sBTCD, kBTC, SolvBTC, pumpBTC, mBTC, tacBTC, mHyperBTC, and 11 single-market others source credit_venues.metadata->btc_representations, resolved by address in R1 and re-verified per market. Permissionless venue, so the universe is curated rather than symbol-matched: Pendle PT, Curve LP receipts, other-venue receipts, look-alikes and test tokens are excluded on address. aEthWBTC is excluded specifically because it resolves to the Aave v3 WBTC aToken and would count the same underlying twice.
Book depth & concentration	unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.)
Observability	price: full quantity: full composition: full

What the loans are denominated in

Borrowed in	Assets	Size (USD equivalent)	In the loan asset	Read by
US dollars	PYUSD, RLUSD, USDC, USDS…	$922m	—	contract read, 2026-10-13
euros	EURC, EURCV	$24.3m	—	contract read, 2026-10-13
bitcoin (borrowed against bitcoin)	WBTC	$667k	8.0485 WBTC	contract read, 2026-10-13

Each currency is a separate book; the dollar equivalents compare sizes and are never added together.

Backing chain

Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.

How a chain is read, and what it does not claim

backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.

contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodial
Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — a singleton holding all supplied and collateral assets; supplyCollateral() transfers to the contract and the borrower holds no key over it.
representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02
deployment · chain 1 incomplete
whether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address
- cbBTC established · direct_wrapped · identified by symbol
  CBBTC established · issuer Coinbase · custodial · holders [Coinbase]
  source
  issuer_doc
  coinbase.com/cbbtc — 'backed 1:1 and held in custody by Coinbase', cold storage
- WBTC established · direct_wrapped · identified by symbol
  WBTC established · issuer BitGo · custodial · holders [BitGo]
  Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
  source
  issuer_doc
  BitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- LBTC established · yield_bearing · identified by symbol
  LBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]
  WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
  source
  issuer_doc
  docs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital'
- tBTC established · direct_wrapped · identified by symbol
  TBTC established · issuer Threshold Network · threshold-signature · holders []
  No holder by construction: a 51-of-100 threshold signing group with operators rotated bi-weekly and no single party ever holding a full key. The empty holder list is the correct answer, not a gap.
  source
  issuer_doc
  docs.threshold.network/applications/tbtc-v2
- eBTC established · yield_bearing · identified by symbol
  EBTC undisclosed · issuer ether.fi · non-custodial · holders [] · holder_unknown_share partial
  WAS resolves_to LBTC alone. Corrected 2026-10-08: ether.fi documents eBTC as a vault token (Veda BoringVault 0x657e8C867D8B37dCC18fA4Caead9C45EB088C642), "backed by LBTC … Users are able to deposit LBTC & WBTC". Press adds cbBTC (secondary, so not listed). The vault holds wrappers, not bitcoin, and publishes no split, so the row is left unresolved rather than apportioned (the SolvBTC rule).
  source
  issuer_doc
  etherfi.gitbook.io/etherfi/products/staking/ebtc.md (read 2026-10-08)
  LBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]
  WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
  source
  issuer_doc
  docs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital'
  WBTC established · issuer BitGo · custodial · holders [BitGo]
  Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
  source
  issuer_doc
  BitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- hemiBTC established · yield_bearing · identified by symbol
  HEMIBTC undisclosed · issuer Hemi · consortium · holders [] · holder_unknown_share full
  Hemi Bitcoin (name() at 0x06ea695B…9f00 on Ethereum; 20.54 issued on 2026-10-01). Minted by Hemi's Bitcoin Tunnel against bitcoin "sent to the selected custodianship vault's Bitcoin address, managed by the multisig". The documentation names no custodian or signer, so no holder is asserted; classed consortium because a set of signers, not one custodian, moves the coins. Hemi describes overcollateralised and BitVM vaults as the models it will offer.
  source
  issuer_doc
  docs.hemi.xyz/foundational-topics/the-architecture/tunneling/bitcoin-tunnel (read 2026-10-01); eth_call name(), totalSupply() on 0x06ea695B91700071B161A434fED42D1DcbAD9f00
- uniBTC established · yield_bearing · identified by symbol
  UNIBTC undisclosed · issuer Bedrock · non-custodial · holders [] · holder_unknown_share full
  WAS custodian 'Bedrock', layer 1, consortium. Bedrock's documentation says 1 uniBTC is backed 1:1 by redeemable WRAPPED BTC and that no funds are held by the team — so it is a layer over other wrappers with no custodian of its own, and the composition is not published. Fully unresolved.
  source
  issuer_doc
  docs.bedrock.technology/multi-asset-liquid-staking/unibtc/introduction
- BGBTC established · yield_bearing · identified by symbol
  BGBTC established · issuer Bitget · custodial · holders [Bitget]
  Bitget Wrapped BTC (name() at 0x0520930F…a017 on Ethereum; 1,184 issued on 2026-10-01). Bitget calls it "a yield-bearing wrapped asset pegged 1:1 to BTC", with yield from on-chain strategies; the exchange is issuer and holder of the reserve, verified by Chainlink Proof of Reserve. Press reporting adds Cobo (insurance) and multisig protection — secondary, so Cobo is not named as a holder.
  source
  issuer_doc
  bitget.com/finance/on-chain-elite/bitget-btc; bitget.com/blog/articles/bitget-chainlink-proof-of-reserve-bgbtc-2025 (read 2026-10-01); secondary: dev.ua/en/news/bitget-zapuskaie-bgbtc
- kBTC established · yield_bearing · identified by symbol
  KBTC established · issuer Kraken · custodial · holders [Kraken Financial]
  Held at Kraken Financial, a Wyoming-chartered SPDI. The legal entity is recorded rather than the brand, because it is the entity that could fail.
  source
  issuer_doc
  kraken.com/kbtc and the kBTC whitepaper
- SolvBTC established · yield_bearing · identified by symbol
  SOLVBTC undisclosed · issuer Solv Protocol · consortium · holders [] · holder_unknown_share partial
  WAS custodian 'Solv', layer 1. Both wrong. The reserve is "native BTC, BTCB (Binance's wrapped Bitcoin), and cbBTC" — so an unpublished fraction of this is bitcoin ALREADY counted under Binance and Coinbase, and counting Solv as its own holder double-counts it. Native mainnet BTC is held under FROST threshold signatures plus partner regulated custodians, unnamed. No published split, so the whole row is unresolved rather than apportioned.
  source
  issuer_doc
  docs.solv.finance/key-products/solvbtc and.../reserves
  BTCB established · issuer Binance · custodial · holders [Binance]
  Reserve address published (3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb); multi-sig cold storage.
  source
  issuer_doc
  binance.com 'Introducing Bitcoin-pegged Token on BNB Chain'; binance.com/en/proof-of-reserves
  CBBTC established · issuer Coinbase · custodial · holders [Coinbase]
  source
  issuer_doc
  coinbase.com/cbbtc — 'backed 1:1 and held in custody by Coinbase', cold storage
- enzoBTC established · yield_bearing · identified by symbol
  ENZOBTC undisclosed · issuer Lorenzo Protocol · consortium · holders [Cobo, Ceffu, ChainUp] · holder_unknown_share partial
  WAS 'Lorenzo'. Lorenzo's own documentation names Cobo, Ceffu and ChainUp as the custodial institutions. It also accepts WBTC and BTCB as deposits, so part of this is a layered wrapper — see holder_unknown_share.
  source
  issuer_doc
  docs.lorenzo-protocol.xyz/introduction/enzobtc-decentralized-wrapped-btc-for-defi
- FBTC established · direct_wrapped · identified by symbol
  FBTC established · issuer Function · consortium · holders [Mantle, Antalpha Prime, Cobo]
  WAS 'Function'. BTC sits in an MPC address whose key shares are held by a Security Council; Mantle, Antalpha Prime and Cobo are the initial members and Cobo supplies the MPC technology.
  source
  issuer_doc
  docs.fbtc.com/security/roles; FBTC Whitepaper v1.1
- BTC.b established · direct_wrapped · identified by symbol
  BTC.B established · issuer Lombard · consortium · holders []
  WAS issuer 'Avalanche / Ava Labs', model bridge (an Intel SGX enclave, 6 of 8 Wardens). Corrected 2026-10-08: Avalanche's support article (updated 2026-02-02) says the bridge "has transitioned to Lombard's technical architecture. The original infrastructure has been wound down", and marks the old bridge address "should no longer be used". Lombard's documentation counts its bitcoin reserves against LBTC and BTC.b supply together, so BTC.b resolves to LBTC's holders and the same bitcoin is counted once. Before the transition the 6-of-8 bridge held it; that history is not backdated here.
  source
  issuer_doc
  support.avax.network/en/articles/6349640-how-does-the-btc-bridge-work (read 2026-10-08); docs.lombard.finance/use/btcb and /learn/transparency/oracles (read 2026-10-08); avax.network 'BTC.b Technical Transition to Lombard's Architecture'
  LBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]
  WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
  source
  issuer_doc
  docs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital'

Recourse: non_recourse

source

attribute · recourse

Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — a borrower's liability is bounded by the seized collateral. Where a liquidation leaves debt uncovered the shortfall is realised against that market's suppliers as bad debt, not pursued against the borrower.

The generic axis set

Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.

Utilisation (venue roll-up)	88.3% dollar debt over dollar supplied across 144 market(s), latest day the venue's own API, gate-passed
Intermediation margin	+0.48 pts · derived borrow minus lend, as above borrow rate minus lend rate, both as above
Trailing realised average (7/30/90d)	7d 4.93% · 30d 5.14% · 90d 4.82% dollar loans, debt-weighted over the days observed (7 / 30 / 90 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098)
Rate volatility (30/90d)	30d 0.78 pts · 90d 0.55 pts the standard deviation of the daily debt-weighted borrow rate, in percentage points — not annualised the daily rate above
Spread to the pair aggregate	−0.61 pts vs Algorithmic · derived this venue's borrow rate minus its class's (4.90%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates
Spread to matched Treasuries	+0.15 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. An open-term loan has no maturity of its own, so the bill stands for a 30-day window macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15)
Origination flow	$391m borrowed in 30 days (3,289 events) · partial gross, every market at the venue, not only bitcoin-collateral ones; 183 event(s) unpriced; last event 2026-10-13 credit_position_events — the venue's own event logs
Repayment flow	$310m repaid in 30 days (3,250 events) · partial gross, every market at the venue, not only bitcoin-collateral ones; 120 event(s) unpriced; last event 2026-10-13 credit_position_events — the venue's own event logs
Aggregate and distributional LTV	51.3% · per market 43.7% (p10) · 66.5% (p50) · 88.4% (p90), debt-weighted
Residence distribution	collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed
Liquidation incidence	7 liquidation(s) in 30 days ($2k repaid) · partial events across every market at the venue; last 2026-10-08 credit_position_events
Top-10 concentration share	collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues)

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.

Access routes

Listed under the published criteria. Listing is not endorsement, the order is not a ranking, and this dataset integrates with none of them.

Morpho first_party

https://mcp.morpho.org/

Transport	streamable-http
Authentication	none
Tools observed	18 total · 8 prepare · 0 submit
Documentation	https://docs.morpho.org/developers/agents/get-started/
Last checked	2026-10-13

Prepares unsigned payloads only. The operator states: "Nothing signs and nothing broadcasts."

Ask for this by machine

REST	GET https://api.bitcoincreditstack.com/v1/market/venues/morpho_blue_ethereum
MCP	get_venue({ venue_id: "morpho_blue_ethereum" }) get_venue({ venue_id: "morpho_blue_ethereum", include: ["axes", "headline"] })

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