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USDG Morpho 在 Robinhood Chain 上存款突破 10 亿美元
Morpho 在 Robinhood Chain 上的总存款已突破 10 亿美元大关。这一里程碑式的成绩，距离其于 2026 年 7 月在该网络正式上线仅不到三个月时间。该成就凸显了自 2026 年 7 月 1 日主网启动以来，Robinhood Crypto 的“Earn”产品在美国符合条件的用户中迅速获得的市场认可度。
Robinhood Earn 建立在 Morpho 的开放借贷基础设施之上，允许用户直接从 Robinhood 应用内的自我托管钱包中借出 USDG（一种与美元挂钩的稳定币）。当用户通过 Robinhood Earn 参与链上借贷时，他们授权将 USDG 从自己的自我托管钱包转移到 Morpho 借贷金库。这是一个在公共区块链上运行的去中心化协议。
运作机制详解
在这一生态系统中，Morpho 充当底层信用网络，Steakhouse Financial 负责监督金库基础设施，而 Robinhood Chain 则提供结算服务。通过 Robinhood Earn 存入的 USDG 首先进入 Morpho Vault，随后被分发到各个 Morpho Markets。其收益来源于借款人支付的利息，这些借款人质押的抵押品来自 Spark、Ethena 和 Maple 等协议。
Steakhouse Financial is Robinhood Earn's sole risk curator and is responsible for deciding which mortgage strategies to approve and how to manage the risks of each vault. The product is underwritten by Lloyd's of London and RELM and provides protection against losses caused by cyber incidents or smart contract vulnerabilities. This insurance mechanism is rare among DeFi products and is in sharp contrast to Coinbase's similar and uninsured Morpho products.
Growth momentum and market impact
Robinhood Earn's deposits reached US$250 million in the first month of launch in July, and exceeded US$400 million at the end of August, becoming the fastest-growing Morpho integrated product among mainstream issuers. Since then, its scale has further exceeded the US$1 billion mark. This data fully demonstrates how quickly decentralized finance (DeFi) infrastructure expands when it is embedded in consumer platforms with millions of existing users.
Yields are not fixed guarantees, but are dynamically adjusted based on real-time borrowing needs in the Morpho market. Robinhood does not keep funds or private keys, but wraps DeFi credit infrastructure in a brokerage-level interface, thus lowering the technical threshold and breaking the previous situation that was difficult for mainstream users to enter.
Across all deployments, Morpho's total deposits exceeded US$14 billion in August 2026, setting a record high and accounting for approximately 25% of the crypto-backed lending market.
