Crypto.com to integrate Morpho lending, bringing stablecoin yield to Cronos

Crypto.com is integrating Morpho lending into its Cronos blockchain platform, allowing users to earn stablecoin yields on wrapped Bitcoin and Ethereum. The launch is expected this year and will enable users to deposit these wrapped assets into Morpho vaults to borrow stablecoins and earn yield. Wrapped tokens represent cryptocurrencies from one blockchain on another, helping users access DeFi lending markets without leaving Cronos. Morpho, which partners with existing platforms like Aave and Compound, currently has a total value locked of around $7.7 billion. The integration will be available to US users, despite legislative restrictions on stablecoin issuers paying reserve yields directly to holders. This move by Crypto.com follows a similar integration by Coinbase, aiming to enhance the user experience in decentralized finance. The new feature enables users to lend stablecoins like USDC directly within the platform, potentially yielding higher returns than traditional savings options. This initiative highlights the growing competition between crypto services and traditional banks, prompting concerns about regulatory oversight.

Source 🔗